Forex Technical Analysis - RCPL Forex

Euro: Euro continues to remain under pressure, however, it is seen consolidating in a sideways range touching the day’s low of 1.4841 and paring most of its losses to close at 1.4921. There seems to be little respite for the pair, though the 4-Hourly stochastic continues to show selling pressure. Euro is holding just below the 55 weekly EMA (1.4950 level) and may further plunge towards a medium term bottom at 1.47 levels in coming sessions (50% Retracement in weekly chart). (Eur/Usd: 1.4880).

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