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EUR/JPY rises to 50-DMA

FXStreet (Mumbai) - The shared currency is being big higher ahead of the German IFO data, taking the EUR/JPY pair higher to its 50-DMA located at 129.80.

Fourth consecutive session of gains

The pair has inched higher for the fourth consecutive session as the single currency continues to recover on diminishing threat of Greece default. Though a breakthrough deal is not expected at the Eurogroup meeting today, the markets expect the Can would be kicked down the road – Greece could be given a new deadline.

Meanwhile, the pair could also be influenced by the German IFO, which is likely to show an improvement in sentiment indices.

EUR/JPY Technical Levels

The immediate resistance is located at 130.00, above which gains could be extended to 131.28 (Apr. 6 high). On the flip side, a break below 129.30, could drive the pair lower to 128.85 (5-DMA).

GBP/USD traders still betting bullish in the short-term – InvestingBetter

Alpesh Patel of InvestingBetter comments on the GBP/USD price action, and further notes that the short-term bullish sentiments for Cable remains intact, while the medium-term bearish outlook points lower.
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SEB: USD Index plotting bullish patterns – eFXnews

The strategy team at SEB, views that the current price action of the Dollar Index signals a test of 95/96 area might be possible before the bull trend resumes, as noted by eFXnews.
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