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EUR/USD possibly sidelined until ECB - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that with ECB meeting taking place next Thursday, trading may turn thin ahead of the event, despite Wednesday will bring local PMI readings.

Key Quotes:

“The short term technical picture is still bearish, with price developing below its 20 SMA and indicators turning south in negative territory after correcting overbought readings”.

“In the 4 hours chart 20 SMA extended its bearish slope, capping the upside now around 1.2880, while indicators barely corrected oversold readings, holding deep in red”.

“Another downward acceleration below mentioned low should see the pair extending its decline towards 1.2510, with sellers now probably surging on approaches to the 1.2660 level.”

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