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EUR/USD trading close to 1.2580 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the post-Fed strength of the USD extended in the European session with the EUR/USD trading close to the 1.2580 region.

Key quotes

"Having breached the 1.2610/20 price zone, the technical outlook has turned now strongly bearish, and the level will likely attract sellers if reached."

"Later on the day, the US will release the Advanced GDP for the third quarter, expected at 3.1%."

"Previous quarter was revised up to 4.6%, so a better than expected number should boost the greenback, yet a not so good one needs to be extremely disappointing, something below 2% to actually reverse latest dollar gains."

"Technically, the 4 hours chart shows indicators still heading south despite in oversold territory, with 20 SMA now turning south well above current price, in the 1.2680 level."

"A break below 1.2550 should lead to a downward extension towards 1.2500, this year low, whilst a break below exposes 1.2440 as next probable bearish target."

"Price needs to advance above 1.2620 to begin an upward move, eyeing then a probable move up to 1.2660/80 area, next selling level on pullbacks."

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