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EUR/USD extends lows; 1.2800 on sight

FXStreet (San Francisco) - The EUR/USD is extending its decline from 1.2860 priced overnight and after falling 60 pips and breaking below 1.2840, the pair reached a fresh low since July 13 2013 at 1.2805.

Currently, EUR/USD is trading at 1.2809, down -0.29% on the day, having posted a daily high at 1.2865 and low at 1.2804. EUR/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

EUR/USD sentiment

The EUR/USD is now focusing on the 1.2800 barrier, "a break targets a decline to the 1.2750 area, out long-term target," comments Jamie Coleman from FXBeat. "Might have to come up with another one, at this pace..."

On the upside, if the pair bounce at the 1.2800, it will face resistances at 1.2820, 1.2860 and 1.2900.

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