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EUR/USD testing 1.2920 on better US data

FXstreet.com (Barcelona) - The single currency turned to the negative territory on Friday, hovering over 1.2920/25 after the US Durable Goods Orders exceeded expectations during April.

In fact, the headline expanded at a monthly pace of 3.3% while orders excluding the Transportation sector followed suit, growing 1.3%. Both prints surpassed estimates at 1.5% and 0.5%, respectively. “Talk of real money and sovereign selling has helped cap the EUR rebound just below the 1.30 area… This is important short-to-medium term resistance zone for EUR/USD as 1.2963 marks the base of a double top break-down trigger from the 1.32 area”, noted FX Strategists S.Osborne and G.Moore at TD Securities.

The pair is now losing 0.04% at 1.2926 and a breach of 1.2900 (MA10d) would then target 1.2821 (low May 23) en route to 1.2809 (low May 20). On the upside, resistance levels align at 1.2998 (high may 22) followed by 1.2999 (MA21d) and finally 1.3030 (high May 14).

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