24 October 2014, 17:02  EUR/USD enters a consolidation phase

EUR/USD entered a consolidation phase Friday and has traded in a narrow range unable to set fresh direction in the absence of triggers as investors remain cautious ahead of the results on Sunday of stress tests on Eurozone banks. EUR/USD has barely moved over the last sessions but remains on track to post a weekly loss after two consecutive gains, weighed by concerns over the stress tests and prospects the ECB could expand the range of assets willing to buy. EUR/USD levels to watch At time of writing, EUR/USD is trading at the 1.2660 zone, 0.11% above its opening price. On the downside, immediate supports are seen at 1.2634 (intraday low), 1.2613 (Oct 23 low) and 1.2600 (psychological level) ahead of 1.2583 (Oct 7 low). On the upside, next resistances could be found at 1.2687 (20-day SMA), 1.2700 (psychological level) and 1.2739 (Oct 22 high).

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