Currency Pair: EUR/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis
The euro is likely to face increased selling pressures throughout the week as the European Central Bank is widely expected to lower the benchmark interest rate by 50bp to 2.00%. After dipping to a low of 1.2329 on 10/28, the pair bounced back to reach a high of 1.4720 on 12/18, but the lack of momentum to end the day higher indicates that investors are bearish against the pair.We may see the EURUSD continue to work its way lower over the week, but the oversold RSI signal paired with the divergence from the 120 SMA suggests that the pair may pull back towards 1.3500 before working its way to the downside.
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