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EUR/USD back below 1.2900 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD fell below the 1.2900 at the beginning of the European session, with the dollarpreparing to resume the bullish trend.

Key quotes

"There’s little to worry ahead for the rest of the day, with data coming mostly from Canada, and the CB Leading Indicator in the US by London close, and it would be tough this last can mess up with technical readings."

"Technically and according to the 4 hours chart, the EUR/USD faltered around 1.2920/30, where 20 SMA capped the upside; indicators in the same time frame head south well into negative territory after correcting all of their oversold readings, with price so far having set a daily low of 1.2866."

"A downward acceleration below 1.2850 should lead to a continued slide towards fresh lows, eyeing the 1.2800/20 price zone."

"To the upside, approaches to 1.2900/30 price zone will likely be seen as selling opportunities, and only a clear advance beyond 1.2950 will erase the bearish short term momentum."

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