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Having halted its declines this past week, the euro-dollar currency pair may be forming a temporary bottom.
The cross is now weakening following a stall in its recovery.
A decline in the near term looks unlikely to halt the medium-term rise.
Despite a one-day recovery on Monday, the euro-dollar currency pair remains vulnerable and faces further downside weakness.
The euro-dollar currency pair looks vulnerable to more declines in coming sessions.
After maintaining its recovery for another week, the dollar-Swiss franc is likely to log more gains in the coming week.
In its current pattern, the risk is toward resistance at 0.8504.
The cross is targeting key resistance at 130.08, with higher marks possible.
The pair needs to break and hold above its Feb. 8 high to resume its uptrend.
The pair is likely to test support at its Feb. 6 and Jan. 25 lows.