EURUSD drops below 1.0811 support

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The euro currency continues to extend declines. The support level near 1.0811 was lost.

In the process, price action is forming a potential head and shoulders pattern.

The neckline support is forming at the 1.0793 level. Currently, prices have bounced back off this level which could see a right shoulder forming.

If this is validated, further declines are expected in the near term.

We expect the downside target to be at least 1.0739 on a successful head and shoulders pattern if it forms.

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