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EUR/USD refreshes 14-month low

FXStreet (Córdoba) - EUR/USD took a step lower and printed a lower low at the beginning of the European session as greenback gains seem endless.

On Monday, dollar rally was fueled by a San Francisco Fed study suggesting that low volatility across financial markets may signal investors are underestimating how quickly US interest rates will rise. EUR/USD broke below the 1.29 mark, paving the downward path.

EUR/USD has recently scored a fresh 14-month low of 1.2859, also weighed by a negative opening in European stocks. At time of writing, EUR/USD is trading at 1.2870, 0.19% below its opening price.

It seems forever ago EUR/USD was knocking 1.4000 doors, with the pair having dropped more than 1000 pips since late May amid growing economic and policy divergences between the US and the Eurozone, with the selloff intensifying after ECB move last week.

EUR/USD technical levels

On the downside, EUR/USD could find next supports at 1.2800 (psychological level), 1.2755 (Jul 9 2013 low), 1.2745 (Apr 4 2013 low). On the upside, immediate resistance stands at 1.2900 (psychological level), 1.2935 (hourly lows/highs Sept 8) and 1.2960 (Sept 8 high).

GBP/USD made an attempt to rise on IP data, but…

GBP/USD came closer to 1.61 area before the UK data release, and moved to 1.6123 post the report, but retreated soon.
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