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Forex: EUR/USD in multi-week lows around 1.2935/40

FXstreet.com (Barcelona) - The shared currency keeps the negative tone on Tuesday, trading in multi-week lows in the region of 1.2935/40, levels last seen in early April.

“The event risk calendar over the next week looks skewed in favour of renewed EUR/USD downside… We would look to sell EUR/USD spot on strength at 1.3030 targeting a quick leg lower to 1.2850 into next week”, recommended R.Franulovich, Strategist at Westpac.

As of writing, the cross is retreating 0.25% at 1.2943 with the next support at 1.2936 (61.8% of 1.2747-1.3243) would expose 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
On the flip side, resistance levels align at 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).

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