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EURUSD – 1.0770 key level to the downside

The chart below shows the 4hr chart of the EURUSD and the FX heavyweight is currently facing stiff resistance at 1.0916. This level sees a confluence of resistance made up of the 4hr 200 MA, monthly Pivot Point and the YTD Anchored VWAP. We still view the technical picture in the EURUSD as rangebound these past couple of months that could prove to be a protracted distributive cyclical top. Break and close below 1.0770 could see the downside accelerate.