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EUR/USD trading around 1.2640 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that EUR/USD, currently trading close to the 1.2640 zone could drop towards 1.25 levels.

Key quotes

"The EUR/USD pair finished at 1.2651 levels yesterday after having failed to rise above 1.2740 levels."

"The pair is trading around 1.2640 levels, after the prices found support near 1.2630 levels."

"A look into the weekly charts indicates also multiple support levels in 1.26-1.230 range."

"Moreover, the hourly RSI dipped into the oversold zone after the yesterday’s sell-off. Thus the pair is taking a breather around 1.2640 levels."

"The pair is likely to re-test 1.25 levels supported by the bearish daily RSI, currently at 41.94."

"Furthermore, the 5-day and the 10-day moving averages have given a bearish crossover."

"Still, the oversold nature of the hourly RSI may lead to a minor technical correction up to 1.2660-1.2680 levels, where a fresh selling pressure can be anticipated."

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