The technical picture continues to be clearly bearish according to the 4 hours chart, as indicators managed to correct all of their oversold conditions reached on Tuesday, while price failed to extend beyond the 1.6230 price zone. The same chart shows price below a strongly bearish 20 SMA and indicators below their midlines, with both momentum and RSI heading south. A daily descendant tend coming from 1.2880 price zone stands around 1.2650, a few pips below mentioned 20 SMA, and recoveries up to that level should be seen as selling opportunities.
Renewed selling pressure on the other hand, pushing the pair below yesterday’s low of 1.2570, should see the pair extending its decline down to 1.2530 area first, and down to 1.2500/10 as the lowest for the day.
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EUR/USD remains on the defensive near 1.0680 on Dollar strength
The solid performance of the Greenback keeps the price action in the risk-associated universe depressed so far on turnaround Tuesday, sending EUR/USD to multi-day lows in the 1.0680 region.
GBP/USD declines toward 1.2500 on renewed USD strength
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Gold stable below $2,300 despite mounting fears
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XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Eurozone inflation stable as the outlook on prices gets increasingly muddied
Eurozone headline inflation remains stable at 2.4%. With higher energy prices and improving domestic demand, questions about the direction of inflation become louder.