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EUR/JPY continues to tread water below 132.00

FXstreet.com (Barcelona) - The EUR/JPY finished the day up 54 pips at 131.44, continuing to consolidate in a tight range on the daily chart for the last 6 sessions.

According to analysts at NAB Global, “European currencies were the key beneficiary of the lower USD. The EUR/USD moved from overnight lows around 1.2940 to trade around 1.3040 this morning. European markets were also supported by better Eurozone confidence in May ? economic confidence rose to 89.4 from 88.6, while consumer and industrial confidence was less negative than in April.”

From at technical perspective, the pair appears to be forming a short term ‘pennant’ continuation pattern which has an upper resistance boundary near 132.00 and a lower support boundary near 130.20. Market participants should be aware a close above/below the previously mentioned levels would confirm the pattern and target a 300 pip measured move in the direction of break out.

EUR/USD notches another day of gains to close above 1.3000

The EUR/USD finished sharply higher for a second straight day, blasting through important resistance at 1.3000 to close the day up 106 pips at 1.3045.
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