EURUSD: The move below 1.2321/16 has put further pressure on the pair hence enhancing the possibility of a new trend low below 1.2247. A marginally new low would, like last time, be accompanied by a bullish divergence so we still doubt that a break lower will be sustained. An alternate scenario is that the market holds above 1.2247 creating a double bottom, creating a foundation for a new upside correction attempt.
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