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EUR/USD settles near 1.2900 region

FXstreet.com (Barcelona) - The EUR/USD has traded unevenly Tuesday, ultimately moving lower during European trading back to the vaunted 1.2900 barrier in these moments.

At the time of writing, the EUR/USD is trading negatively at -0.16% off its opening, whilst operating in the region of 1.2907/10. Mataf.net analysts point to supportive means for pair at 1.2873, onto 1.2849, and ultimately 1.2811. Conversely, a break above the 1.2935 mark will initiate short-term resistances at 1.2973 and 1.2997.

According to Analyst Axel Rudolph at Commerzbank, “The EUR/USD looks to be range bound between last week’s low at 1.2821 and its 55 and 200-day moving averages at 1.2981/1.3025. In addition, key short-term resistance is seen along the resistance line drawn from the February peak, which is located at 1.3102. Only an unexpected rise above the 1.3243 May high would negate our bearish outlook. 1.2796 is considered to be the last defense for the 1.2740 April low.”

“The EUR/USD consolidated between 23.6% and 38.2% correction of CD Leg of the bullish harmonic Butterfly Pattern. However, despite the pair’s attempt to the downside yesterday, we find the pair stable above 23.6% correction residing at 1.2890. Prolonged stability above the 1.2890 level forces us to keep our positive expectations, provided that the pair stabilizes above 1.2950 to further support this outlook.” notes the ICN.com Technical Analyst Team.

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