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EUR/USD bears beating the bearish drums

FXStreet (Guatemala) - EUR/USD is trading at 1.2683, down -0.01% on the day, having posted a daily high at 1.2716 and low at 1.2664.

EUR/USD has been testing the 1.27 handle but to no prevail and the bears are beating their drums in the face of the upcoming ECB. "EUR/USD short‐term technical are bearish according to Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank, “With all technical signals in sell territory and downward momentum strong the near‐term technical outlook for EUR remains bearish, the RSI is at 22, which implies the currency is temporary oversold, however until there is another signal that confirms this, EUR appears poised for further downside risk”. She explained that support lies at the November 2012 low of 1.2662 followed by the psychological 1.2600; resistance lies at Friday’s open of 1.2751."

EUR/USD noteworthy levels

Spot is presently trading at 1.2684, and next resistance can be seen at 1.2695 (Hourly 20 EMA) and 1.2708 (Daily Classic PP). Next support to the downside can be found at 1.2683 (Daily Open), 1.2677, 1.2664, 1.2653 (Daily Classic S1) and 1.2623 (Daily Classic S2).

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