EUR/USD buyers are currently climbing a wall of worry after the Brexit induced drop in the pair (shown by the jagged PA since the drop). This means that they see prices as cheap enough to buy but are at the same time concerned about the future of any long positions. Accordingly these buyers tend to be easily shaken out of their positions causing sharp pullbacks against the current trend when price means some technical head winds. A good confluence of technical factors is coming together for a short @ 1.1234. The golden level is supported by the 61.8 fib level drawn from the short-term high and low spanning the Brexit drop. The H4 200 MAs which lie slightly below this level should slow price momentum as it approaches this zone.
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