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Hugo in HTO Trading,

EURUSD: On the road to 2015 low

Since the start of the year the currency lost in excess of 3.5% and last week fell more than 2.0% plus is in a well-established bearish phase since the early October.

Last week the EURUSD fell with a narrow range and closed near the low of the week, in addition managed close below the previous week low, which suggests a strong bearish momentum.

The stochastic is showing an oversold market although is still displaying a bearish momentum.

Expecting a downward move to 2015 low at 1.0462 on a break below the previous week low at 1.0569 (scenario 1) however a bounce from 2015 low at 1.0462 could trigger a rally up to a key level at 1.0710 (scenario 2).