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EUR/USD back below 1.3100

FXstreet.com (Barcelona) - After climbing to 4-week highs in the boundaries of 1.3110 against the buck, the bloc currency has now retraced some ground to the area of 1.3090/95.

In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. The pair is now testing resistance at a falling trend line set from early February (1.3058). A break above that eyes a horizontal barrier at 1.3179. Near-term support is at 1.2953, the April 24 low, with a move beneath that targeting a rising trend line at 1.2807”.

As of writing the pair is advancing 0.72% at 1.3088 with the next resistance at 1.3110 (MA100d) followed by 1.3194 (high May 8). On the flip side, a break below 1.2944 (low May 31) would expose 1.2939 (MA10d) and finally 1.2934 (low May 30).

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