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During Friday's Asian session, the euro is posting a modest gain of 0.15%, as traders remain optimistic about the outcome of negotiations between the United States and Iran.
From a technical perspective, the EUR/USD pair continues to consolidate within a sideways range, constrained by key moving averages. Immediate resistance is provided by the 20-day SMA at 1.1645, followed by the 50-day SMA at 1.1670 and the 200-day SMA near 1.1679.
A breakout above these levels would open the way for a test of the 100-day moving average, located at the psychological level of 1.1700.
On the other hand, the nearest support is located at the May 21 low of 1.1575. If this level is broken, the next targets would be the April 6 low at 1.1504 and the March 30 low at 1.1443.
As the oscillators remain in negative territory, bears continue to hold the advantage in the market.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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