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Forex: EUR/USD dealing with fresh lows around 1.35

EUR/USD is currently dealing with fresh 3-day lows, last at 1.3498, following a double intraday low at 1.3490, previous roof of the channel from Dec 19 highs to Jan 14 highs, broken higher past Tuesday Jan 29. Moments before key risk event for the session in the form of RBA meeting, local share markets are all showing loses, following the -1.15% in SP500 at NY close, and big loses in Europe, with Spanish Ibex35 down by -3.61%.

According to FXstreet.com Independent Analyst Ivan Delgado: “The real test to measure the commitment of sellers will come at 1.3480 - Feb 28 high, 50% fib from latest run up from 1.3260 - , where traders will have to pay close attention to price action. A break below exposes a possible return to the 20-day EMA at 1.34,” Ivan notes. The pair is down so far for the week more than -1%, while oil closed in NY losing some -1.49%.

Immediate support to the downside for EUR/USD lies at recent fresh 3-day lows 1.3490, followed by Jan 25/28 highs at 1.3480/76, and Jan 29 lows at 1.3411. To the upside, closest resistance shows at Jan 31 lows 1.3540, followed by Jan 30 highs at 1.3587, and London's session highs at 1.3636.

Forex Flash: EUR/USD vulnerable to a bigger correction - RBS

After the deep EUR/USD pullback off highs, "a further decline in coming weeks leading into the Italian election and to reverse its little blowout above 1.35 appears more likely near term" says Greg Gibbs, currency strategist at RBS.
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