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EUR/USD unable to move away from 1.5900 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD managed to rise from its daily low of 1.5876, but continues trading close to the 1.5900 level.

Key quotes

"The UK employment report was nothing really outstanding, but at the end, data pointed out for some steady growth in the sector, maybe not enough to trigger a strong come back, but at least to halt the bleeding."

"Technically, the 4 hours chart maintains the bearish pressure as per 20 SMA heading strongly south well above current price and indicators hovering around oversold levels."

"The immediate resistance comes at 1.5950, former monthly low, and only a clear recovery above it will favor some further advances up to 1.6000 price zone."

"To the downside, a downward acceleration through 1.5890 should trigger a new round of selling towards fresh lows at the 1.5850/60 price zone."

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