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EUR/USD charts indicate the possibility of rebound – RBS

FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS believes 1.2358 level is to be watched for the EUR/USD pair as the technicals point towards a rebound.

Key Quotes

“The EUR/USD has been trading above a key long-term support level of 1.2384, being the 23.6% retracement from the 2012 impulse wave.”

“It has also posted a low of 1.2358 and failed to break below on the second test, indicating a possibility of a double-bottom formation and a subsequent bounce back to 1.2600 onto 1.2750 and 1.2840 should the pattern materialise.”

“Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a bounce and target 1.2043.”

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