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Euro Technical Forecast: EUR/USD Eyeing 2017 Bottom After Clearing 2020 Low
The Euro is aiming for the worst week against the US Dollar since late February, which was when EUR/USD sank the most since March 2020. Over the past 24 hours, the single currency cleared the 2020 low, confirming a breakout under 1.0636. That has the pair setting course for the 2017 bottom, where a zone of support between 1.0340 – 1.0388 awaits it. Getting there does entail clearing the 100% Fibonacci extension at 1.0496 on the chart below. Beyond the 2017 low sits levels last seen in 2002. The 138.2% extension can also kick in as support at 1.0233 if prices declined to those levels. Keep a close eye on RSI, ... (full story)