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ECB stress test rumors and US CPI weigh on EUR - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the news of several banks possibly failing ECB's stress tests as well as the better than expected US inflation numbers put pressure on the EUR on Wednesday.

Key quotes

"The EUR/USD trades at a fresh 5 day low near 1.2660 static support, with the 20 SMA presenting a strong bearish slope above current price and capping the upside now in the 1.2710 price zone."

"Indicators stand in negative territory, with RSI pressuring 70 and momentum still not reflecting latest slide."

"In the 4 hours chart technical readings present a strong bearish tone, which supports further declines on a break below mentioned support. "

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