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The euro has been trading in a fairly tight zone over the past eight days and has only made marginal new lows. Bearish sentiment is clearly high, and the daily studies are starting to show signs of bottoming. A strong close above the 1.3700 level should do it. The RSI has formed a short-term positive divergence, and a move through the major downtrend would signal a move to the 38.2% resistance in the 1.40-4100 area.
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