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EUR/USD had virtually no reaction following the release of the FOMC meeting minutes. EUR/USD has retraced 61.8% from daily low to high suggesting that some investors who missed the bull breakout in early Europe might be buying near those levels.

On the other hand, bears see the bullish advance of the last five days as a bull flag in a bear trend and are willing to short near the 1.1700-1.1730 area. A bull breakout above the level might lead to bear capitulation and a move towards 1.1854, the 38.2% Fibonacci retracement from the mid-April-May bear move.

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