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EUR/USD flirting with 1.2900 level - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that EUR/USD has been trading close to the 1.2900 level on Thursday, among a flurry of news releases from all major economies.

Key quotes

"The ECB launched its first round of TLTRO, reaching barely 82.6B euro with market taking it as a sign banks don’t trust ECB that much."

"US data failed to surprise, with U.S. housing starts tumbling to 14.4% in August, triggering some further short term spikes against the American currency. "

"Technically, the EUR/USD 1 hour chart shows price advancing above a still bearish 20 SMA, with indicators heading strongly up above their midlines."

"Sellers however, seem to be aligned in the 1.2900/20 price zone, adding to the dominant trend."

"In the 4 hours chart the technical stance is still quite bearish, with indicators having barely corrected oversold readings now turning lower well into negative territory, and 20 SMA reaffirming the mentioned resistance area around 1.2920."

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