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The EUR/USD currency pair is currently undergoing extended consolidation just below its recent three-and-a-half-month high of 1.1711. Price action remains supported above the broken Fibonacci level of 1.1648, which represents the 61.8% retracement of the decline from 1.1849 to 1.1324. Although daily candlestick patterns showed long upper shadows late last week indicating temporary resistance, technical momentum studies maintain a strong positive tone, keeping the broader bullish bias intact.
