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EUR/USD pressures 1.2650 static support - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the USD is strengthening again on Friday and EUR/USD is pressuring 1.2650 static support.

Key quotes

"The fact that the latest rally was capped by a minor Fibonacci retracement indeed has encouraged sellers, and with stocks also reversing their wild run, the greenback is back in the spotlight."

"Technically, the 4 hours chart shows price aiming to break below a flat 20 SMA while indicators accelerate south: momentum holds above 100, yet RSI is already below 50, anticipating further declines, on a break below mentioned 1.2650 support towards 1.2600 price zone."

"If below, further declines are meant to reach 1.2570 area, with a weekly close below 1.2600 suggesting fresh lows for next week."

"A recovery above 1.2720 on the other hand, will deny the possibility of a steady decline and favor a recovery up to 1.2760/80 price zone."

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