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Forex Technical Analysis: The Euro Plummets on the German GDP

The EUR/USD currency pair fell off after Germany, the largest economy in the Eurozone, released their GDP number. Their economy contracted in the second quarter. The Euro remains well below the critical level of 1.34 and hit an intraday low, so far, of 1.3350.

EUR/USD
EUR/USD

We are changing this morning’s technical analysis. We are now near 1.33460 and testing 1.3340. A daily close below this level we can target 1.3290 and lower. A defense here can see a short term recovery to 1.33/1.3310. While below 1.34, there is a risk of more selling.

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