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Forex: EUR/USD eases off highs during muted trading

FXstreet.com (Barcelona) - The EUR/USD has been trading positively Monday, recently operating in the heights of 1.2879 (session high) – however in recent moments the cross has eased back to the 1.2966/69 level during European trading.

The single currency has engaged in some modest form of recovery, climbing +0.20% above its American counterpart – the EUR/USD will face calculated resistance at 1.2874, then 1.2927, and finally 1.2966. On the pullback, a movement below 1.2782 will initiate supportive structures at 1.2743 ahead of 1.2690, notes the Mataf.net analyst team.

In terms of data, earlier today in Italy, Industrial Orders n.s.a. (YoY) came in at -10.0% in March, compared with only -7.9% previously. Moreover, Industrial Orders s.a. (MoM) yielded a growth of +1.6%, improving from -2.5% in the previous quarter. Finally, Industrial Sales n.s.a. (YoY) declined -7.6% in the March quarter, relative to a figure of -6.0% previously.

According to the ICN.com Technical Analyst Team, “Trading below the 1.2970 level this week keeps the possibility of extending the downside move back to the 1.2744 region, a break of which might trigger a new bearish wave. Moreover, the linear regression indicators supports our expectations, but the stochastic shows oversold signals which we will ignore unless the pair returns steady above 1.2970 levels.”

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