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The monthly chart for eur/usd shows a 1,012 pip drop from the open at 1.5582 to the low of 1.4570 so far this month. It also shows a 1,464 pip drop from the previous high at 1.6035 to the low of 1.4570. That is quite a move in a short period of time. Downside target is the green 22 sma at the 1,4320 area, but we expect some consolidation first. We have closed all positions and we are standing aside until September, or until resistance is encountered around 1.4930 area to 1.5000 area, where we would look to sell again.