EUR/USD eyes 1.2900

FXstreet.com (Edinburgh) - The shared currency is advancing for the second consecutive session on Tuesday, pushing the EUR/USD to the vicinity of 1.2900 the figure.

EUR/USD trimming post-ECB losses

The risk-on trade is prevailing in pre-European open despite consumer prices in the Chinese economy have ticked higher during June, propping up the current bull run in the pair. The docket in the euro area is almost non-existent, with only the Spanish current account results to be released and the EcoFin meeting. Results and events across the pond will also be scarce ahead of tomorrow’s FOMC minutes.

EUR/USD key levels

The pair is now up 0.09% at 1.2883 with the next resistance at 1.2916 (high Jul.5) ahead of 1.2980 (MA10d) and finally 1.3000 (psychological level). On the flip side, a breakdown of 1.2806 (low Jul.5) would open the door to 1.2796 (low May.17) and then 1.2765 (weekly cloud base).

Japan: Preliminary Machine Tool Orders drop 12.4% in June

On an annual basis Japan's Machine Tool Orders decreased 12.4% in June, up from the 23.6% fall registered in May, the Japan Machine Tool Builders Association's preliminary data showed on Tuesday.
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