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Forex: EUR/USD sideways ahead as of the US bell.


FXstreet.com (London) - The EUR/USD hasn't shown much activity in the European session, post a manic end to the week last week. Although it has lost some ground from 1.3150 overnight business while London is out and about on this bank holiday Monday.

Price action is titled to the bottom end of this monthly range between 2 big figures. As of time of writing, the pair is trading 1.3112, having attracting bids just below the figure while it was offered on a slightly worse number in European investor outlook. That number came in at -15.6 vs -15.2 expected with services PMI for the Eurozone arriving earlier on in the session coming more or less in line with expectations for an April reading: 47.00 vs 46.6 expected.

Quoting from earlier, “Two consecutive tests of 1.3035 support area have failed and the pair is caught in a range below 1.3150 resistance zone. While the mentioned resistance is intact, my outlook will be bearish, for a slide through 1.3030, en route to 1.2950 low”, wrote Deltastock.com analyst Stoyan Mihaylov.

Buy orders in the market on the down side are seen at 1.3080 and 1.3050 before Deltastocks forecasts might be tested. With a light calendar this week until later on, more sideways activity seems likely.

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