Forex Flash: EUR/USD maintains strong support – RBS
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD is sitting right in the middle of its short-term range around 1.2960. "We note from the hourly charts that the lines of support and resistance are converging and waiting to greet price either today or next week." writes William Moore, Technical Market Strategist at RBS
According to Moore, "The 1.2820/30 level has proved itself as strong support, it being the 200-day moving average and the low from the previous two days and the doji reversal and the trend line of resistance will provide the resistance if seen up at 1.3040/70."
"As a result the short-term bias is for the market to sit within this range, fading the extremes. We see grounds for support at 1.2742, 1.2837, and 1.2823." Moore adds.
According to Moore, "The 1.2820/30 level has proved itself as strong support, it being the 200-day moving average and the low from the previous two days and the doji reversal and the trend line of resistance will provide the resistance if seen up at 1.3040/70."
"As a result the short-term bias is for the market to sit within this range, fading the extremes. We see grounds for support at 1.2742, 1.2837, and 1.2823." Moore adds.
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