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EUR/USD trading today around 1.2540 levels - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole notes EUR/USD trading around 1.2540 level today after bouncing-off support and finishing higher at 1.2527 on Friday.

Key Quotes

"The pair is trading today around 1.2540 levels with the daily RSI slightly under 50.00 levels."

"On the hourly chart, the pair faced rejection today at the resistance level located at 1.2578, although prices have breached the week-long range of 1.24 – 1.2510."

"The pair is likely to re-test 1.2510 levels before moving higher as the hourly RSI has turned lower from the overbought zone."

"Moreover, an upside breach of weeklong range has opened doors for 1.2620 levels, however, a stronger confirmation of a bullish move in the pair would be a breach of 1.2578 resistance levels."

"Meanwhile, the pair may lose steam if it breaks below 1.2510, thereby re-entering last week’s trading range."

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