EUR/USD advances above 1.1600 amid improving risk sentiment.

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EUR/USD is advancing above 1.1600, extending its bounce amid improving market sentiment. Risk-on mood caps the US dollar’s rebound but positive yields could weigh on the spot. Upbeat US earnings reports cheer markets ahead of the critical Retail Sales report.

At the time of press, EUR/USD trades in a relatively tight range around 1.1600. The 100-period SMA on the four-hour chart and the Fibonacci 23.6% retracement of the downtrend that started in early September seem to have formed tough resistance in the 1.1615-20 area.

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