The massive plunge that began on October 26 sent technical indicators in the strongly and oversold territory. These signals are gradually recovering, thus pointing to a possible upward momentum—a move that would once again demonstrate the strength of the .
However, the Euro faces a significant set by the weekly PP and R1, the monthly S1 and the 55-, 100– and 200-hour SMAs in the 1.5913/1.6022 territory.
It is likely that the rate hinders near this area or even trades lower prior to breaching it during the second half of this trading week.
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