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Technical Forecast for EUR/USD

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Technical Forecast for EUR/USD

 

EURUSD is just drifting sideways this week. We became very oversold after 4 weeks of heavy losses & this consolidation period will allow the oversold oscillators to unwind. We tried a break below 1.2965/55 which was not a surprise in this down trend, but we have held on to 1.2911& bounced. Below here finds support at 1.2890/80 but if this fails we should test the 200 day MA at 1.2865. We will be watching for a bounce in this area today.
 
We are sitting above 1.3008 giving us the opportunity to test 1.3067 resistance & possibly reach as far as 1.3100/3115 but this area should cap a move higher today.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets

 

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