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EUR/USD rises to test daily highs

FXStreet (Córdoba) - EUR/USD gained momentum during the last hours, after bouncing from 1.2640 and after Wall Street opening bell approached daily highs that lie at 1.2683.

The pair continues to trade slightly below the 1.2700 area that has become a short term resistance level to consider. If it breaks above it would be trading at the strongest level in a week.

EUR/USD short term technical outlook

The pair is flat on Wednesday, consolidating far from weekly lows. According to Valeria Bednarik, Chief Analyst at FXStreet the short term picture presents a mild bullish tone, “with price struggling to hold above its 20 SMA but momentum aiming to break below 100.”

The 4-hour chart shows indicators with a clear positive tone, notes Bednarik, “as 20 SMA stands flat around 1.2600 acting as immediate intraday support.”

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