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EUR/USD advances to 1.2960

FXStreet (Edinburgh) - The shared currency is extending yesterday’s bounce off 1.2860, taking EUR/USD to 3-day highs around 1.2960.

EUR/USD supported at 1.2860

Spot managed to pick up pace after hitting the 1.2860 region on Monday, surpassing not only the 1.2900 barrier but also regaining the 1.2950 area. Extreme positioning would be behind the current EUR recovery amidst the current USD rally and absence of relevant releases in both Euroland and US. Dmytro Bondar, Technical Analyst at RBS, suggested, “the near-term may see a bounce to 1.3120 (possibly 1.3346) from the support area, whereas long-term would remain bearish once 1.2800 is cleared on a sustained basis”.

EUR/USD levels to watch

As of writing the pair is up 0.08% at 1.2949 with the next resistance at 1.2963 (high Sep.8) followed by 1.2990 (high Sep.5) and finally 1.3000 (psychological level). On the flip side, a breach of 1.2859 (low Sep.9) would expose 1.2788 (61.8% of 1.2042-1.3995) and then 1.2755 (low Jul.9 2013).

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