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EUR/USD price action offers mixed signals

FXStreet (Guatemala) - EUR/USD is trading at 1.3374, up 0.07% on the day, having posted a daily high at 1.3409 and low at 1.3348.

EUR/USD has given up it’s mask and settles back into a consolidation level on familiar territory after the rally through the 1.34 handle, failing with noncommittal bulls post disappointing GDP and inflation results earlier. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank said that EUR’s reaction suggested that much of the bad news was priced in—likely on the back of softer than expected CPI prints from Germany and France, disappointing German industrial production and last week’s evidence that Italy had fallen into a recession. “EUR’s reaction also warns that there is some hesitancy to build on existing EUR short positions”. Nevertheless, the downside shows resilience and Camilla Sutton further added that the key level is 1.3333, the low from August 6th, and said a test below here would open up further near-term downside risk.” However should it hold it confirms a period of rest for EUR."

EUR/USD hourly levels

Spot is presently trading at 1.3374, and next resistance can be seen at 1.3380 (Hourly 200 SMA), 1.3392 (Weekly Classic PP) and 1.3407 (Daily Classic R1). Support below can be found at 1.3372 (Hourly 20 EMA), 1.3365 (Daily Open), 1.3363 (Weekly Low) and (YTD Low).

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