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Forex: EUR/USD showing weakness below 1.3350

With Nikkei index again above the 11300 handle up +1.63% for the session so far, and USD higher across the board, EUR/USD is last at 1.3344, down from previous weekly close on Friday at 1.3360. Chinese markets will be back to trading today following last week closed for New Lunar Year holiday, while US markets will be closed all Monday long over President's Day. ECB Draghi speech at 13:30 GMT will be next key risk event ahead.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the EUR/USD presents a shy bearish tone according to the hourly chart, with price right below a flat 20 SMA and indicators heading slightly lower, getting into negative territory.,” the analyst notes, adding: “In the 4 hours chart technical readings are more bearish, supporting a downward move for this Monday:  the daily ascendant trend line coming from 1.2660 stands today in the 1.3270 area, main bearish target. Stops below the level should be large, so any attempt to break lower may see the downside extending fast up to 1.3220 price zone,” she concludes.

Support levels are located by Valeria at: 1.3310, 1.3270 and 1.3220, while resistance levels at: 1.3385, 1.3410 and 1.3440.

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