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EUR/USD: Current consolidation can lead to 1.2355/60 levels - UOB

FXStreet (Barcelona) - Quek Ser Leang, Technical Analyst at UOB Group sees the current movement as a short-term consolidation phase which could last for a couple of days before going downward again.

Key Quotes

“EUR peeked above the 1.2500 resistance yesterday with a high 1.2507 before reversing quickly. However, downward momentum remains patchy and the current movement is likely a short-term consolidation phase which could last for another couple of days.”

“As long as 1.2560 is intact, the current sideway consolidation is expected to lead to a move towards 1.2355/60 where a break will target 1.2295 next.”

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