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EUR/USD retakes 1.2950 on better IFO

FXstreet.com (Barcelona) - The bloc currency advanced to 1.2960 after the German IFO indicator came in above estimates for the month of May.

Business Climate and Current Assessment improved in the present month, while the Expectations component matched estimates, netting a positive outcome for euro bulls. According to Tor Vollalokken, Strategist at Coaching FX Traders, “My short-term outlook is for the pair to be a bit choppy around 1.3000 while I see the broader range of 1.2750-1.3250 to be in place medium-term”.

At the moment, EUR/USD is up 0.14% at 1.2952 with the next resistance at 1.2998 (high may 22) ahead of 1.2999 (MA21d) and finally 1.3030 (high May 14). On the downside, a breach of 1.2900 (MA10d) would then target 1.2821 (low May 23) en route to 1.2809 (low May 20).

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