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Forex: EUR/USD drifting sideways as range bound behavior continues

FXstreet.com (Barcelona) - The EUR is flat during Asia trade as recent sideways action on the daily chart continues to limit any type of major trend from developing. The main economic data on tap will be Existing Home Sales due out during the NY Session at 14:00.

“The short term range is now confirmed, with 1.3121 being the upside and the big figure at 1.3000 as the downside. This could be forming a larger HS (head and shoulders pattern) on the daily, which would suggest breakdown.” He went on to add, “The false break also suggests, so any corrective pullbacks up towards the range high should be considered a sell signal targeting the range low, and a potential break further which would target 1.2951 and perhaps 1.2850, noted Chris Capre at 2nd skies.”

The FXStreet.com Trend Index remains slightly bullish on the daily, while the OB/OS index remains Neutral. The RSI (14) remains in neutral set up, sitting just below key resistance at 60. Market participants will continue to monitor the upper (1.3180) and lower (1.3020) ends of the trading range as key pivots in determining the next major move.

Forex: We expect European growth concerns to drive EUR/USD to 1.2700 by end June – BNZ

The Euro is trading in a narrow range to start the week, flat on the session at 1.3080. Recent trading has been choppy with neither bulls nor bears being able to establish a firm trend. There will be plenty of economic data released later in the week out of China, Europe, and the US which may help make the picture more clear.
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Forex: AUD/JPY stalling ahead of 103.00

AUD/JPY is last at 102.80, off recent session and 5-day highs at 102.94, on the back of Aussie strength combined with Yen weakness. The cross has gapped higher at the weekly open, up +0.59% for the session so far. All local share markets are in the green, with Australian ASX up +0.245, and Nikkei index +1.98%.
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