Euro breaking out off previous highs, further gains likely

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The euro currency is rising back following a pullback from the earlier session.

Price action broke past the previous highs near 1.0905. This could potentially confirm further upside that could push prices toward the resistance level of 1.1055 and 1.1030.

To the downside, we could expect the price level near 1.0905 will be coming out as support in the short term.

But a breakdown below this level will signal a move back to the 1.0787 level.

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