Euro drops as resistance holds

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The euro currency continues to decline after failing at the resistance level of 1.1055. Even further declines could come in the near term.

The downside target is at 1.0787 where support will most likely form. However, we could expect EURUSD to attempt a rebound.

Price action could continue higher on a rebound above 1.1055 for any further gains to come through.

In the meantime, we expect the downside bias to remain open.

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