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Forex: EUR/USD in red around 1.2880/85

FXstreet.com (Barcelona) - The shared currency is retracing yesterday’s gains after climbing to the area of 1.2930 post-US data to the current region of 1.2880/85.

The knee-jerk in the USD rally that sparked a ray of hope amongst bulls proved to be short lived, with the greenback returning to full speed towards the end of the session in Wall St. on Thursday, after Fed officials kept alive the likeliness of the Fed tapering its current QE programme.

As of writing, EUR/USD is down 0.14% at 1.2864 with the next support at 1.2843 (low May 15) ahead of the psychological mark at 1.2800 and finally 1.2740 (2013 low Apr.14).
On the flip side, resistance levels line up at 1.2943 (high May 15) followed by 1.3030 (high May 14) and then 1.3050 (MA30d).

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