Forex: EUR/USD unable to close the opening gap lower

FXstreet.com (Barcelona) - EURUSD is currently at 1.2828, still unable to overcome the gap lower with which it has opened this week in Asia-Pacific, just 2 days away from US presidential elections. The pair has lost more than -1.6% of its value from previous weekly open past Monday.

As Valeria Bednarik note, Chief Analyst at Fxstreet.com: "The hourly chart shows bearish momentum remains strong despite indicators navigate oversold territory, while in the 4 hours chart technical readings also favor the downside," the analyst says, adding: "Key support, if 1.2800 gives up, stands at 1.2745 38.2% retracement of the latest daily bullish run and past June monthly high. A daily close below will likely give more strength to sellers, and 1.2610 seems then likely for this week. For the short term expect sellers to align in the 1.2880 former support now strong resistance area," Valeria concludes.

Support levels are located by Valeria at: 1.2820, 1.2790, and 1.2745, while resistance levels do so at: 1.2840, 1.2880, and 1.2910.