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EUR/USD Technical Analysis: Flirting with bearish flag pattern support, just below mid-1.1200s

   •  The pair continued with its struggle to make it through the 1.1250-60 supply zone and has now dropped to the lower end of a short-term ascending trend-channel formation on the 1-hourly chart.

   •  Given the recent slide from the 1.1325-30 hurdle, the mentioned channel constituted towards the formation of a bearish continuation flag chart pattern and points to further near-term downside.

   •  Technical indicators on hourly/daily charts remained in the negative territory and add credence to the bearish set-up, though traders are likely to wait for a confirmation before placing aggressive bets.

   •  Below the pattern support, the pair is likely to accelerate the slide towards the 1.1200 handle en-route YTD lows, around the 1.1185-75 region before eventually dropping to test the 1.1100 mark.

EUR/USD 1-hourly chart


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