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EUR/USD recovering lost ground - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that following a weak opening, the EUR/USD pair has managed to recover some of last Friday’s losses.

Key Quotes:

“Trading late US afternoon around the 38.2% retracement of the slide triggered by ECB Draghi’s comments by the ends of last week in the 1.2430/40 region”.

“From the fundamental side, German IFO survey showed confidence rose in the country for first time in 7 months giving the pair an early boost. As the day went back, US data missed expectations, with Markit Services PMI printing 56.3 against 56.8 expected and 57.1 previous, extending greenback losses against its American rivals”.

“Technically, the 1 hour chart shows a mild positive tone coming from technical readings, with 20 SMA turning higher below current price and nearing the 23.6% retracement of the same rally around 1.2405, while indicators stand directionless above their midlines”.

“In the 4 hours chart indicators extended their advance from oversold territory but hold below their midlines, while 20 SMA maintains a bearish slope, converging with the 61.8% retracement of the same slide at 1.2477”.

“This last is then the critical resistance to overcome to see the pair extending their intraday gains on Tuesday, whilst a break below 1.2400 should see it retesting this year lows around 1.2360”.

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