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20-day SMA offers resistance to the EUR/USD pair - FXStreet

FXStreet (Barcelona) - Ani Salama, Analyst at FXStreet, notes the EUR/USD pair trading firmer today with the short-term charts suggesting a positive tone for the pair.

Key Quotes

“Technically, EUR/USD holds a positive tone in short-term charts, with indicators heading higher above their midlines and price holding above the 1.25 mark, bringing the focus on the upside.”

“A break above the 20-day SMA, which is offering resistance at 1.2540, would support a move higher toward 1.2576 (Nov 17 high) en route to 1.2600.”

“However, on the longer-term, EUR/USD remains vulnerable trading near multi-month lows.”

“A break below recent lows in the 1.2440 area, would resume the broader bearish trend, with 1.2400 (psychological level) and 1.2357 (2014 low Nov 7) as next targets.”

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