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EUR/USD may test 1.2670 levels ahead of the US CPI data – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole sees the EUR/USD pair looking at a probable technical correction towards 1.27 levels as the single currency manages to sustain above 1.24 levels since last week.

Key Quotes

“The pair closed 1.2517 resistance yesterday, opening doors for a further upside in the pair.”

“The move was supported by positive Price-RSI divergence on the daily chart.”

“A similar positive divergence is also seen on the weekly chart, although the weekly RSI is yet to rise above 30.00 levels.”

“Hence, the pair is more likely to test the 50 DMA located at 1.2670 ahead of the tomorrow’s US CPI data.”

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