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EUR/USD testing 1.3000 barrier

FXstreet.com (Barcelona) - The EUR/USD has edged higher to session highs Thursday, following an impetus from upbeat economic data in the EMU earlier.

Earlier today in the EMU, the Economic Sentiment Indicator (May) was reported at 89.4, against estimates of 89.0. Moreover, Consumer Confidence (May) yielded a figure of -21.9, matching projections. Finally, Services Sentiment (May) came in at -9.3, besting expectations of -10.8.

Briefing the technicals, the pair has settled at 1.2994/99 in these moments, experiencing a notable advance of +0.41% during European trading. The latest action pits the pair at resistance at 1.3000, onto 1.3059 level, onto 1.3140. Alternatively, a movement lower will usher in support for the EUR/USD at 1.2860, ahead of 1.2779, and 1.2720, calculates the Mataf.net analyst team.

According to the Technical Analyst Team at ICN.com, “The EUR/USD moved to the upside and stabilized above the first target of the bullish harmonic Butterfly Pattern represented in 38.2% correction at 1.2950, which is now a significant support of the pair, trading above it might extend the upside move towards the second target represented in 61.8% at 1.3045 levels. Linear Regression Indicators are positive again supporting our expectations.”

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