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Fresh demand expected for EUR/USD on 1.25 level breach – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, sees the possibility of a re-test of 1.2535 and 1.2570 levels if the EUR/USD pair successfully breaks above 1.25.

Key Quotes

“The EUR/USD pair finished higher at 1.2476 on Tuesday after bouncing-off from the support located near 1.24 levels. Despite the strong recovery post US GDP data, the pair is struggling near 1.2480 levels since the yesterday’s US session.”

“Moreover, the pair struggled to extend gains above the hourly 200-SMA level located at 1.2483. Interestingly, the pair also has a 10-DMA resistance located at 1.2486 levels.”

“Furthermore, the pair also faces a stiff resistance on the daily charts at 1.25 levels. Thus, a fresh demand for the Euros can be anticipated only if the pair manages to confirm a breach of 1.25 on the hourly charts.”

“In such a case, a re-test of 1.2535 and 1.2570 levels looks possible.”

“However, given the bearish daily RSI and repeated failure to rise above 1.2480 levels, the pair is more likely to dip to 1.2440 levels before making another attempt to rise above 1.2480 levels.”

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