The EUR/USD accelerates lower, hitting fresh daily lows around 1.2920 by the time of writing, after breaking below key 1.2950 area: the level represents the 61.8% retracement of its latest bullish rally. A daily ascendant trend line around the level has also been broken and the 1.2950/60 area will now contain the upside. Technical readings in the 4 hours chart show a quite strong bearish momentum favoring more slides: 1.2905 comes as immediate support and if breached the pair has scope to test 1.2820 area, 78.6% of the same rally. Steady gains above 1.2960 will deny the short term bearish momentum, and offer the possibility of a retest of daily highs around 1.2990.
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