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EUR/USD: Technicals support further short squeeze - FXStreet

FXStreet (Bali) - Technical readings support some further upward potential in EUR/USD, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"Dollar opens the week lower across the board, exception made by Aussie, weighted by weak Chinese data released over the weekend. The EUR/USD managed to advance some above the 1.2950 late US session on Friday, as the greenback eased on falling local share markets; futures opened also a tad lower keeping the pair above the level which stands now as immediate short term support. The calendar for the week includes inflationary readings for both economies, FED meeting and the Scottish referendum, anticipating some nice triggers from that side."

"Technically, the EUR/USD 1 hour chart shows price stalled around a bearish 200 SMA while price advances above a bullish 20 SMA and indicators grind higher above their midlines. In the 4 hours chart technical readings also head higher in positive territory, supporting some upward potential as long as mentioned support holds. Immediate resistance stands at 1.2990, post US NFP high, followed by a stronger one in the 1.3040/50 price zone."

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