Following inappropriate commentaries from Japan's Finance Minister Sengoku San stating: “he does not expect the EU to recover soon”, the Euro downlegged over 90 pips since opening at 1.2369 earlier in Asia.
The downside acceleration violated May 20 lows at 1.2295 to fall further down only pausing at 1.2283, hitting a new 4-day low. At present, the pair bounced off lows hovering between 1.2305/00.
According to Valeria Bednarik technical analysis: “Support levels may be encountered at 1.2330, 1.2290 and 1.2250. Resistance levels may be taken at 1.2365 1.2410 1.2450”.
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