EUR/USD Could Head Lower

After a 600pip move higher, the EUR could be ready for a break lower. Most technical indicators are in extreme overbought conditions showing potential risk to the downside.

Especially as we approach the last trading day of the week and month we might see profit-taking leading to a falling price for the EUR/USD. What is more, the GDP from Germany has also shown a contraction of more than 10% potentially leading a weakening EUR for now.

Frank Walbaum

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