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EUR/USD facing bearish pressure, potential for further drop

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Trading Recommendation

Entry: 1.12367

Reason for Entry: Horizontal overlap resistance and 38.2% fibonacci retracement

Take Profit: 1.11514

Reason for Take Profit: Horizontal pullback support, 50% fibonacci retracement, 127.2% fibonacci extension

Stop Loss: 1.12833

Reason for Take Profit: Horizontal swing high resistance, 50% fibonacci retracement

The material has been provided by InstaForex Company - www.instaforex.com