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EUR/USD: little changed on thin market – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet notes the EUR/USD pair trading around early Asian opening level early US session, with the FX board thinner than usual as several markets remain closed.

Key Quotes

“There had been no fundamental releases in Europe, and only minor reports will be published in the US, meaning markets won’t get direction from there.”

“Short term, the 1 hour chart shows price aiming to advance above a mild bearish 20 SMA, while indicators approached their midlines, still below them”

“In the 4 hours chart a strongly bearish 20 SMA has contained price action so far today, now again being pressured by price. Momentum turned lower around its midline while RSI remains in negative territory, lacking clear directional strength.“

“The 1.2370/1.2485 range should hold for the rest of the day, with market likely resuming activity on Wednesday’s European session.”

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