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Forex: EUR/USD edges higher to 1.2978/79

FXstreet.com (Barcelona) - The EUR/USD has turned positive, despite earlier setbacks that dragged the cross into the depths of 1.2952 (intraday low) Monday. However, this weakness proved to be short-lived, with the pair now modestly rising to 1.2978/79 in these moments, en route to a +0.05% gain during European trading.

According to Gareth Berry, a Research Analyst at UBS, Friday’s sell-off stalled exactly at the strong support at 1.2936. Meanwhile, a closing break below would be a bearish development, triggering a deeper sell-off to 1.2746.
Conversely, resistance is at 1.3051 ahead of 1.3194.

In terms of data, in Portugal, Consumer Price Index (YoY) grew at a rate of +0.2% in April, compared with a figure of +0.5% previously. Moreover, Consumer Price Index (MoM) was unchanged at 0.0% in April, relative to +1.7% in the previous month.

Portugal Consumer Price Index (YoY) falls to 0.2% in Apr; 0% (MoM)

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Forex: USD/JPY sideways trading at 101.58/59

The USD/JPY has engaged in sideways trading Monday, devoid of any large catalyst during European trading. In what has been a relatively muted session, the cross has remained suspended in negative territory, now settling at 101.58/59, en route to a loss of -0.29% off its opening.
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