EUR/USD sits on the edge as sellers eye further downside ...Middle East

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EUR/USD sits on the edge as sellers eye further downside
The dollar has been on a tear in the past week or so and that has drove EUR/USD lower to break under 1.1000. Traders have moved to price out the possibility of a 50 bps rate cut by the Fed next month. And with odds of a 25 bps rate cut by the ECB for later this month having grown before that, it marks a divergence for the euro and dollar.From a technical point of view, the inability for buyers to break 1.1200 also marks a significant turnaround in sentiment. The rejection there creates a bit of a double top pattern, which looks to be eyeing a break to 1.0800.However, that will have to come with breaks of other key technical levels on the charts. For one, the 100-day moving average (red line)

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