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EUR/USD bulls stepping aside through the 1.24 handle

FXStreet (Guatemala) - EUR/USD is trading at 1.2387, down -0.77% on the day, having posted a daily high at 1.2534 and low at 1.2383.

The EUR/USD is continuing on the offer and supply takes the pair through the 1.24 handle to the downside in a continuation of momentum and direction from 1.2520 territory. EUR/USD has been punished due to the dovishness in the ECB as well as general positioning in the greenback ahead of tomorrows Nonfarm payrolls showdown. This move through 1.24 shows just how fragile support for the pair is in this current environment and perhaps the market is pricing in good news in tomorrows jobs report.

A clear break here opens up the psychological 1.22 handle before the key 1.20 mark. Valeria Bednarik, chief analyst at FXStreet said, “A break below 1.2370 immediate support followed by better than expected US NFP data, should see the pair closing the week near the 1.2300 figure”.

EUR/USD noteworthy levels

With spot trading at 1.2387, we can see next resistance ahead at 1.2392 (Daily Classic S2), 1.2417 (Weekly Classic S1), 1.2437 (Daily Classic S1), 1.2457 (Yesterday's Low) and 1.2462 (Hourly 20 EMA). Support below can be found at 1.2383 (Daily Low), 1.2326 (Daily Classic S3), 1.2309 (Weekly Classic S2), 1.2132 (Weekly Classic S3) and 1.2060 (3 Year Low).

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