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EUR/USD in oversold conditions

FXStreet (Guatemala) - EUR/USD is trading at 1.2829, up 0.01% on the day, having posted a daily high at 1.2868 and low at 1.2816.

EUR/USD has so far been holding onto the 1.28 handle while remaining offered at the start of the week. The Market Strategy Team at UOB Group suggest that the weak daily closing suggests further weakness is likely. “However, oversold conditions could lead to a recovery first but as long as 1.2880 is intact, expect another leg lower towards 1.2800."

EUR/USD near term levels

Spot is presently trading at 1.2830, and next resistance can be seen at 1.2848 (Hourly 20 EMA), 1.2862 (Daily Classic PP) and 1.2868. Support below can be found at 1.2828 and 1.2800.

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