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EUR/USD confined to the 12640/60 area - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD has been trading close to the 12640/60 level on Wednesday with just a few temporary spikes higher and lower.

Key quotes

"Early morning, German inflation readings matched expectations, passing through without notice in price, while Draghi spoke in a statistics conference in Frankfurt, but said nothing relevant about economic policy."

"While the longer view remains bearish, intraday charts present now neutral stances, with the 4 hours one showing price a few pips below its 20 and 100 SMAs and indicators horizontal around their midlines."

"As commented on previous updates, some steady decline below 1.2620, this week low, is required to confirm a move lower short term pointing to 1.2570."

"A recovery above 1.2700 on the other hand may see the pair extending up to recent highs in the 1.2780 area, 23.6% retracement of its latest daily fall."

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