EUR/USD plunged to a new low for the year on Friday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain bearish signalling that additional weakness is possible near-term. If it extends this month's decline, the 2008 low on the weekly continuation chart crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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