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EURUSD Hovers At Recent Lows Approaching The Close

EUR
  • EURUSD (-0.66%) has drifted lower into the Friday close amid the more pessimistic tone across equity markets this week, and is testing/has breached support at 1.0674, the 50-day EMA. This represents a key short-term level with the recent move down being considered corrective up to this point.
  • The Feb 7 price action is a doji candle pattern - a potential bullish reversal signal and a recovery would refocus attention on 1.1033, the Feb 2 high.
  • However, a clear break of the 50-day EMA would instead strengthen the bearish cycle and initially expose 1.0634, the Jan 9 low.
  • Much further out but worth highlighting ahead of next week’s US inflation data, 1.0484 the Jan 6 low remains a key support.
  • Not expecting much to come from Eurogroup meetings on Monday. First data will be Eurozone flash readings for unemployment and GDP on Tuesday.
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