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EUR/USD: Break below 1.3380 to trigger downward continuation - FXStreet

FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, notes that 1.3440 is now key to the upside in EUR/USD, while a clear break below 1.3380 should trigger the expected downward continuation.

Key Quotes

"Dollar bulls grew substantially over the past few days, the largest over a year according to latest reports, with bearish sentiment higher for the EUR, which was probably the main reason of dollar short squeeze on Friday: dollar needs to go back, to take a better jump."

"As a new week starts, the EUR/USD trades a few pips below last one close, hovering around the 1.3400 level and with the short term picture pointing for a downward move..."

"The hourly chart shows indicators easing from overbought readings towards their midlines, albeit moving averages are all below current price, suggesting further slides are required to confirm a move lower."

"In the 4 hours chart momentum heads higher as price moves lower, drawing the beginning of a bearish divergence, also yet to be confirmed."

"The 1.3440 area is key to the upside, as only above it the pair could advance higher, while a clear break below 1.3380 should trigger the expected downward continuation."

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