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EUR/USD still in a consolidative mode

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EUR/USD moved higher on Tuesday but found resistance at our black downtrend line and the 50-period moving average. During the early European morning, the pair is trading fractionally below that line. A decisive move above is necessary to trigger extensions towards our 1.2535 (R1) resistance zone. The pair is not giving any clear short-term directional impulses, as shown by our 4-hour momentum studies. The RSI is on its 50 line and moving sideways, while the MACD is above its trigger line approaching the zero level. In the bigger picture, since the price structure remains lower highs and lower lows below both the 50- and the 200-day moving averages, I maintain my view that the overall outlook of EURUSD remains negative.

• Support: 1.2360 (S1), 1.2300 (S2), 1.2250 (S3).

• Resistance: 1.2535 (R1), 1.2620 (R2), 1.2745 (R3) .

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