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EUR/USD set for yet further volatility – FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet summed up the EUR/USD at the start of this week and explained the week ahead could bring yet further volatility.

Key Quotes:

“Small gaps against the greenback are seen all across the board early Asian opening, albeit the greenback is not far from the year highs established against all of its majors rivals after some solid employment data in the US, and a dovish ECB late last one”.

“Friday’s rally against the US currency however, triggered by some profit taking, and a weak seems to extend early Sunday, as the EUR/USD trades above the 1.2440 level, with the 1 hour chart showing indicators heading strongly up above their midlines, and price well above a mild bullish 20 SMA, currently around 1.2390”.

“In the 4 hours chart price struggles to overcome a still bearish 20 SMA as indicators aim higher and approach their midlines form below, while 200 EMA converges with a daily descendant trend line over 200 pips above current price”.

“This Monday could end up being more volatile than usual if investors decide to build up positions following last week data, and more if short term stops get triggered. Nevertheless, the dominant trend is still bearish for the pair, and short term, a break below 1.2440 should see an intraday decline, whilst some steady gains above 1.2485 are required to confirm an upward continuation towards 1.2520/60 price zone”.

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