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Doors open for a further EUR/USD sell-off towards 1.2640 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole suggests that the EUR/USD could continue declining towards the area of 1.2640.

Key quotes

"The EUR/USD pair ended at 1.2716 levels yesterday after the pair faced rejection at 1.2840 levels."

"Moreover, the pair has breached through the support level of 1.2740 yesterday opening doors for a further sell-off towards 1.2640 levels."

"The hourly chart shows a triple top formation around 1.2840 levels with a neckline of 1.2740 levels."

"On the daily chart, the RSI has resumed its down trend, after having failed to rise above 50.00 levels."

"The prices may re-test the neckline of 1.2740 in the next couple of hours before resuming the downtrend."

"Meanwhile, a fresh demand for Euros can be anticipated only if the pair manages to rise above the 10-day moving average level of 1.2762."

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