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EUR/USD holding to recent gains - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that following the release of Eurozone CPI numbers EUR/USD continues trading above the 1.2800 level.

Key quotes

"Month and yearly numbers came out as expected at 0.4% and 0.3%, with the core reading resulting above expected. Nothing really outstanding, but at least enough to prevent dollar from advancing against its European rival."

"Technically, the 4 hours chart shows the pair has found some short term buying interest on deeps to the 1.2780 price zone, 23.6% retracement of the 1.37/1.25 bearish run."

"In the same time frame, indicators eased from overbought territory, and stand midway in positive territory, showing no clear directional strength at the time being, while 20 SMA heads higher around 1.2720."

"With a daily low around 1.2770, break through it should lead to a test of mentioned 1.2720 level, while further slides below 1.2700 are required to confirm a steady decline towards 1.2660."

"The immediate short term resistance stance at 1.2845 so some gains above it will likely favor a continuation up to 1.2890, in route to 1.2955, 38.2% retracement of the same rally."

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