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EUR/USD: Bearish pressure to persist while below 1.24 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, as long as EUR/USD remains below 1.2400, the downside is favored for potential targets at 1.2360 ahead of 1.2280.

Key Quotes

"The EUR/USD pair gaps lower as a new week starts, with the dollar extending its gains particularly against its European rivals, compliments to ECB’s head Mario Draghi. Despite not saying anything new, his remarks in a conference in Frankfurt about doing whatever it takes to raise inflation and inflation expectations ended up triggering a selloff in the EUR/USD pair that erased all of its early week gains."

"Technically the downward pressure persists in the short term, as the 1 hour chart shows price challenging its year low, extending below the trend line broken with Draghi, as indicators head strongly south in extreme oversold territory and moving averages stand well above current price. In the 4 hours chart momentum heads vertically lower, as RSI stands at 28 and 20 SMA turns south following a weekly opening gap of around 30 pips."

"Markets will be thinner than usual this Monday, so beware of large spikes followed by quiet consolidation; the pair may attempt to fill the gap, yet as long as below 1.2400 the downside is favored with a downward acceleration below 1.2360 opening doors for a run down to 1.2280."

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