A better rebound effort than we had expected into the end of last week to significantly ease bearish extension pressures.
We still see bigger picture downside risks for April after from the latter March recovery failure and bearish outside pattern back from 1.1053, head faking above the peak from the 18th March FOMC rally at 1.1036.
For Today: We see a neutral tone between 1.1027 and 1.0863 (with a negative bias)
- Break above 1.1027 aims for 1.1053, which we would look to try to cap.
- Break below 1.0863 targets 1.0805/00, which we would look to try to hold.
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2 Hour EURUSD Chart