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EUR/USD trading in a tight range - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that EUR/USDhas been trading in a 30 pips range below 1.2660 level since the Asian opening.

Key quotes


"With little data to guide markets today, except a housing report later in the American session and stocks consolidating, there won’t be many triggers around today."

"Furthermore, the ECB banks stress test on Sunday and the FED meeting mid next week, will likely made investors remain in cautious mode when it comes to the pair."

"In the meantime, the 4 hours chart shows that price continues to develop below moving averages, while indicators corrected oversold readings, aiming higher still below their midlines."

"In the same chart, 20 SMA converges with 100 one at 1.2685, a few pips above Thursday high, so it will take some advances above this level to see the pair advancing, pointing to 1.2720/40 price zone."

"To the downside, the 1.2610/20 area is the one to beat to confirm renewed selling pressure, eying 1.2570 first, in route to 1.2520/30 price zone."

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