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EUR/USD trading in a tight range below 1.2780 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that EUR/USD is unable to break above the critical Fibonacci resistance around 1.2780 on Monday.

Key quotes

"No progress is seen so far across the board, with majors confined to tight ranges since early Asian opening."

"Nikkei managed to post a strong recovery closing almost 4% up, but local share markets are not so cheerful, struggling below their opening, and again indexes could be the main market driver of the day, with no data scheduled among major economies."

"Technically, the 4 hours chart shows price unable to extend beyond the Fibonacci resistance around 1.2780, with 20 SMA converging with the level and maintaining a bullish slope despite price has developed below it for most of the day."

"Momentum in the same time frame heads strongly south below 100, while RSI stands flat around 50, all of which keeps the pressure to the downside: nevertheless, a break below 1.2700 is required to confirm such move, down to 1.2660 price zone, whilst some follow through above 1.2790 should see price advancing up to 1.2845 price zone."

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