Following last week's volatility, sparked by PBOC yuan devaluation, this week started as one would expect given that it's summer. Lacklustre Asian ranges and fake breakouts in European trading is what we have been seeing today.

Euro broke below 1.1075 - 1.1090 (50 DMA, Weekly Pivot Point, Daily Support 1, Thursday's low) to then sharply reverse back above 1.11 level. 1.1115 - 1.1130 (High Of Day, H1 50 MA, Daily Pivot Point) is the initial resistance.

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