Range low: EUR/USD has been trading sideways since an early April upswing. It has been supported just below 1.30 and has challenged 1.32 a few times, once breaking above. To the downside, there was a spike to 1.2956. As we end this week's trading, the EUR/USD has cracked 1.30 and is probing at the range lows in the 5/10 US session.
Breakdown scenario: A break below 1.2955 should open up the 2013 and April low in the 1.2744-1.2755 area. Failure to hold below 1.30, and a return above 1.3050 (5/10-high), could neutralize the current bearish outlook, and may even revive upside risk at least to 1.32 again.
IMOH, Clement I.
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