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TIMEFRAME: 4H

BIAS: BEARISH

On the 20th of March, the Eurusd broke out of the descending channel  indicating a possible bull rally. However,  poor pmi numbers from the Eurozone cut this bull run short. There was a hundred plus pips decline in price after the news release.

The next possible target for the Eurusd is 1.11700 and area which was hit on March 7th.