EUR/USD's recovery is so far still limited below 1.2878 minor resistances. Thus, near term outlook remains bearish. Below 1.2625 will extend recent decline to 100% projection of 1.4939 to 1.3145 from 1.4246 at 1.2452 next. However, above 1.2878 will indicate short term bottoming, with bullish convergence condition in 4 hours MACD and bring stronger rebound back above 1.3076 resistance.
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