The EUR/USD pair trades with modest gains on Monday, hovering around 1.0660 ahead of Wall Street’s opening. The US Dollar eases despite the market mo
od tends to sour, as Asian and European indexes got hit by the poor performance of the tech sector, a result of tepid earnings reports from big names from the sector. Vice President Luis de Guindos, who said that “the worst of underlying inflation has gone.” However, De Guindos added that rising energy prices add to the uncertainty over the effect of hikes on economic activity.
For the near term, and according to the 4-hour chart, chances are of a bearish extension. Technical indicators lack directional strength but hold within negative levels. Meanwhile,consolidates below a bearish 20 SMA, which gains downward traction below the longer ones, which also head south. A break through the aforementioned monthly low should open the door for another leg lower, aiming for a test of the 1.0540/60 price zone.
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