He EUR/USD has broken below key support around 1.2130, quickly turning attention to a possible test of key supports around 1.2060, reports Ned Rumpeltin, European director of foreign exchange strategy at TD Securities.
“The pair now appears to be within a short distance of a test of the week’s lows just above 1.2130. We have seen good support emerge around that pivot since mid-December, so a clear break to the downside will follow. I would consider it a remarkable event. “
“Is Expect some offers to emerge around 1.2100 / 05, but our attention would quickly shift to how the pair will behave if we manage to move down towards the next key support at 1.2060. We also note that 1.2064 is the Fibonacci retracement level of 38.2% of the current trading range from the lows in early November. The 55 DMA lurks just below 1.2044 “.
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