Euro Struggles to Breakout Above Resistance

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The euro made attempts to rise above the resistance level of 1.1261 level on Monday. However, price action was trading weaker as the euro failed to breakout above the technical resistance.

For the moment, the euro is trending lower in the medium term.

We expect the declines to see a test of the lower support area near 1.1132.

That said, there is a possibility that the euro might find minor support near the lows of 1.1171.

In the medium term, EURUSD will most likely move into a sideways range.

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