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Forex: EUR/USD pares losses to trade at 1.2962/64

FXstreet.com (Barcelona) - The EUR/USD has recently pared its gains Monday, falling nearly 25-pips off the 1.2990 handle to test the crossover in negative territory. With the recent weakness afflicting the pair, it now trades at 1.2962/64 at the time of writing, incurring a tepid loss of -0.04% off its opening during European trading.

According to the Mataf.net technical analyst team, the EUR/USD will encounter its next short-term supports at 1.2916, followed by 1.2868, and 1.2800. Conversely, the pair is slated to face resistance at 1.3032, then 1.3100, and ultimately 1.3148.

“Trading for this week kick started at 23.6% correction at 1.2970 levels which represents an intraday interval for the rest of the week. In addition, the linear regression indicators offer a negative crossover, indicating a downside move this week that remains valid by stabilizing below 1.3115. Prolonged stability below 1.3080 is preferable for a strong bearish move; whereas the pair should break 1.2845 levels to extend negativity.” warns the ICN.com Technical Analyst team.

On the data front, the pair looks to face a relatively muted session, outside a trickle of Portuguese CPI data at 10:00 GMT. Of more immediate relevance to the pair is the release of the US Retail Sales in April, which is slated for 12:30 GMT later today.

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