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EURUSD pares some losses; bearish view remains in near term
EURUSD is attempting to reverse some of Thursday’s aggressive losses but the risk is still to the downside as the trend remains bearish. The price dived below the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2560, around 1.1710. The short-term technical indicators are neutral to bearish and point to more weakness in the market. Looking at the daily timeframe, the moving averages are sloping down following the price action. The Relative Strength Index (RSI) is flat in the negative territory, while the MACD oscillator is ready for a bearish cross with its trigger line below the zero threshold. The ... (full story)
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