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EUR/USD sellers at 1.0800 – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals support further gains for EUR/USD towards 1.0800 levels, with the pair staging a recovery after US unemployment claims disappointed expectations.

Key Quotes

“The EUR/USD pair trades at fresh daily highs in the 1.0770 region, recovering from a daily low of 1.0665, reached after weaker-than-expected European Markit Services and Manufacturing readings. There was no catalyst behind the latest recovery, but probably some profit taking around the base of this week range, as the pair is unable to set a clear directional move.”

“US weekly unemployment claims grew to 295K last week, keeping the greenback under pressure.”

“Short term, the 1 hour chart shows that the price recovered above its moving averages that anyway remain horizontal, and extended above a daily descendant trend line coming from this month high of 1.1034. In the same chart, the technical indicators maintain a bullish tone in positive territory, supporting some additional advances up to 1.0800, yesterday's high.”

“In the 4 hours chart the technical indicators head strongly higher above their mid-lines, supporting the shorter term view.”

“Support levels: 1.0760 1.0730 1.0700“

“Resistance levels: 1.0800 1.0845 1.0880”

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