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EUR/USD consolidates around 1.2850

FXstreet.com (Córdoba) - The euro has given up its intraday gains versus the greenback at the beginning of the New York session, although lack of volume has kept the cross within its recent range.

Having found resistance at a high of 1.2878, EUR/USD lost momentum and pulled back to opening levels, with the 20-hour SMA containing the downside. At time of writing, EUR/USD is trading at the 1.2845/50 area, virtually unchanged on the day.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that price needs either to break below the 1.2840 area or above 1.2890 to set a clearer directional move. The analyst locates immediate supports at 1.2840, 1.2810 and 1.2785, while she sees resistances at 1.2890, 1.2920 and 1.2950.

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