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EUR/USD: Under pressure

On Tuesday the EUR/USD marked its first tumble in nearly a week, with the pair breaking below key resistance level at 1.33 and continuing to grind lower this morning. At 1.3277 at the time of writing, the fall puts near term support areas seen at 1.3245 and 1.3205 in focus. With the RSI capped by a declining trend line and still above its oversold area on the 30 min chart, the technical setup further supports the bearish outlook in the market. However, as was the case with the thrust that preceded the decline, the lack of a serious fundamental element (other than individual catalysts and statements) might be suggesting that there is not enough ground for a fundamental bear wave. In the alternative scenario, an upside penetration of 1.3335 would open the way for 1.3365 and 1.34. Onto the main topics of today, a smattering of economic data during European hours brings the focus on US event risks with the Consumer Price Index and the Housing Market Index among the most notable.

Dafni Serdari
Market Analyst
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