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EUR/USD may extend towards 1.2290 – UOB

FXStreet (Barcelona) - Analysts at UOB Group see an immediate downward pressure on the EUR/USD pair and expect the current weakness to extent to 1.2290.

Key Quotes

“The unexpected sharp drop last Friday indicates that a temporary top is in place. However, the outlook for the next couple of weeks is viewed as neutral.”

“That side, the immediate pressure is on the downside and the current weakness could extend towards the strong support at 1.2290 before a rebound can be expected.”

“The bottom of the falling channel currently at 1.2220 is likely out of this reach, at least for this week. Key resistant is at 1.2525.”

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