According to the Varengold Bank Research Team, EUR/USD trades around a crucial level and further declines might be ahead.
“Since October 2014 the EUR depreciated versus the USD and even reached its lowest level for more than 10 years. After touching the level at $1.04 the EUR was able to appreciate and rebounded to a level of $1.14 which was the new high in April. At this level the upward movement of the shared currency stopped and the bears took control over this currency pair.”
“The EUR is now traded close to the Fibonacci Level 50.0 and should the pair break through this level, we may see a further significant decline of the EUR. The trend remains bearish.”
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