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EUR/USD crumbles to 1.2900 level after US confidence

FXstreet.com (Barcelona) - The EUR/USD fell off the 1.2920 handle during US trading, having faced the impetus of data in the United States that finally seemed to trigger some manner of movement in the pair.

In the United States, the S&P/Case-Schiller Home Price Indices (YoY) grew a steadfast +10.9% in March, beating expectations of +10.2%. In addition, the anticipated Consumer Confidence (May) was reported at 76.2, exceeding estimates of only 71.0. Finally, the Richmond Fed Manufacturing Index (May) came in at -2.0, vs. a projection of +2.0.

“The EUR/USD moved to the upside touching the first target of the bullish harmonic Butterfly Pattern again and is trading now close to it. Breaching the referred to level at 1.2950 might extend the upside move today.” notes the ICN.com Technical Analyst Team.

In these moments, the EUR/USD is now operating at 1.2894/01, incurring a loss of -0.26% Tuesday. The Mataf.net analyst team posits the supportive means for the EUR/USD at 1.2873, ahead of 1.2849, and eventually 12811. On the ascension, a rise above the 1.2935 handle will activate resistance at 1.2973 and 1.2997.

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