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Forex: EUR/USD capped below 1.2900

FXstreet.com (Barcelona) - EUR/USD is currently trading at 1.2876, off session lows at 1.2870, capped below late NY session highs at 1.2894, where stop losses are placed now. “There are some very tight trailing stops now above 1.2895 in the EUR/USD (mainly from leveraged types) which will probably be targeted in the next few hours,” noted FXWW founder Sean Lee.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows price hovering below the 1.2880 mark, with 20 SMA heading lower currently around 1.2890, while indicators hold below their midlines, giving no signs later bounce may extend higher,” the analyst says, adding: “In the 4 hours chart, technical readings maintain a strong bearish momentum, supporting the shorter term view, with market now eyeing 1.2744, this year low,” she suggests.

Valeria sees support levels at: 1.2840, 1.2790 and 1.2745, while resistance levels at: 1.2885, 1.2920 and 1.2970.

Australia Apr RBA Foreign Exchange Transaction: 382M

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Forex: GBP/JPY consolidation continues as longer term trend remains bullish

The GBP/JPY is edging lower during the Asia session, down 28 pips at 155.50. The previous day saw some important economic data out of the UK, including the Claim Count Report, as well as the Bank of England’s latest Inflation Outlook Report. Later on in the Asia session we will see a few reports from Japan including Industrial Production and Capacity Utilization.
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