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EUR/USD stages modest bounce

FXStreet (Córdoba) - EUR/USD recovered slightly and is back testing the upper-side of today’s range, although it has lacked strength to break decisively above the 1.2900/10 zone.

EUR/USD has been confined to a narrow range over the last hours after hitting a fresh 14-month low of 1.2859 during the European trade, weighed by a negative mood in financial markets and broad dollar strength.

At time of writing, EUR/USD is trading at 1.2901, virtually unchanged on the day, having hit an hourly high of 1.2906, a couple of pips ahead of its European session peak.

Scottish fears could reverberate in Spain

"EUR/USD staging a modest bounce after Spanish yields stabilized after a sharp spike this morning. They rose at one point at least 18 bp at one pint. They are now up 12, at 2.20%", said Jamie Coleman, analyst at FXBeat. "Fears that the Scottish referendum could reverberate in Spain as Catalonia pushes for a vote this fall helped spark the rise in yields".

EUR/USD technical levels

As for technical levels, EUR/USD could find next supports at 1.2859 (intraday low), 1.2800 (psychological level)ahead of 1.2755 (Jul 9 2013 low) and 1.2745 (Apr 4 2013 low). On the other hand, resistances are seen at 1.2908 (intraday high), 1.2935 (hourly lows/highs Sept 8) and 1.2960 (Sept 8 high).

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