Euro posts a higher low – Can it rebound higher?

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The euro currency is giving back some of the gains following the strong rally in the past few sessions.

After rising to a local high of 1.0903, price retreated slightly lower. This has formed a higher low as a result.

If price breaks out above the 1.0903 level, then we expect a move higher.

The next main target is seen in the 1.1030 – 1.1055 regions. If price fails to breakout, then we expect a move lower to the support area of 1.0787.

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