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EUR/USD on a better mood at 1.2940

FXStreet (Edinburgh) - The single currency is now paring back its early gains, pushing the reet.com/technical-studies/currencies/eurusd/">EUR/USD to session highs near 1.2940.

EUR/USD supported at 1.2900

After testing the key support at 1.2900 the figure in early trade, spot managed to regain ground and climb to fresh tops just below 1.2940 so far. The pair ignored the final CPI figures from Germany during August (0.0% inter-month and 0.8% YoY), focusing instead on ECB’s Draghi’s speech and the weekly report on the US labour market, both due ahead in the day. “The outlook remains mixed from here and further range trading is likely. Expect 1.2890/1.2955 range for now”, observed Quek Ser Leang, Maket Strategist at UOB Group.

EUR/USD levels to watch

As of writing the pair is up 0.12% at 1.2933 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 breakdown 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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