Euro fails to breakout above 1.1000

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The euro is paring gains from last week as price failed to breakout above the 1.1000 level of resistance.

Gapping lower on the open, prices extended a steep decline, down over 0.60% on an intraday basis.

This decline could potentially see the euro slipping to the lower support level of 1.0879.

Establishing support here could see prices trading within a range.

Expect further declines if the support level of 1.0879 gives way.

In the near term, a rebound could see a possible lower high forming which will validate the declines.

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