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EUR/USD resumes decline, fresh 14-month lows

FXStreet (Córdoba) - EUR/USD broke decisively below 1.3000 and slid to fresh 14-month lows as the post-ECB lows bounce failed to hold.

EUR/USD bearish sentiment is far from over after dovish and easy Draghi. The ECB cut the interest rate on the main refinancing operations to 0.05% from 0.15% and the deposit rate to -0.20% from -0.10%, and announced it will start purchasing non-governmental securities and asset-backed securities (ABS) next month. However, the ECB refrained from committing to unlimited sovereign QE.

EUR/USD has fallen as low as 1.2955, last seen Jul 10 2013. At time of writing, the pair is trading at 1.2965, recording a 1.40% loss so far.

EUR/USD technical levels

As for technical levels, immediate supports are seen at 1.2923 (Jul 3 low) and 1.2900 (psychological level). On the flip side, resistances could now be faced at 1.3109 (Sept 2 low) and 1.3159 (Sept 3 high).

United States EIA Crude Oil Stocks change below forecasts (-0.9M) in August 29: Actual (-0.905M)

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GBP/USD fell back below 1.6400 after a short lived recovery that was capped by the 1.6450 barrier and printed a fresh 6-month lows at 1.6368 and remains near daily lows under pressure, as the US dollar continues to rise versus European currencies.
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