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EUR/USD risk turns intraday south – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet notes EUR/USD pair is backing trading below the 1.2500 figure after reaching a daily high of 1.2577 over Asian hours.

Key Quotes

“Technically, the 4 hours chart shows that price failed to overcome the 50% retracement of its latest bearish run, now heading towards its 20 SMA, flat around 1.2460 as indicators turned south but so far hold above their midlines.”

“Still far from Friday’s low of 1.2398, the immediate support level stands at 1.2450, 23.6% retracement of the same slide: a downward acceleration below the level should see price approaching the lows around 1.2400, whilst next strong support comes at 1.2357, this year low.”

“To the upside 1.2515, 38.2% Fibonacci retracement, is the level to recover to see the pair turn intraday bullish, aiming back towards the 1.2560/70 price zone.”

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