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EUR/USD: Break below 1.2920 should lead to 1.2840/50 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, a break below 1.2920 in EUR/USD should lead to a continued slide towards 1.2840/50 price zone.

Key Quotes

Draghi weighted more than Payrolls past week, as US weak employment figures has not dented USD strength."

"The common currency stands against its American rival steady near last week low set at 1.2919, with the short term picture reflecting the strength of the bearish trend, as per indicators having erased all of their oversold conditions now neutral, while price hardly recovered."

"In the 4 hours chart both momentum and RSI head south in oversold territory, with 20 SMA offering intraday resistance at 1.3050, probable top in case of a sudden recovery."

"A break below 1.2920 on the other hand, should lead to a continued slide towards 1.2840/50 price zone."

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