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EUR/USD deflates from peaks

FXStreet (Edinburgh) - After reaching intraday highs around 1.2940, EUR/USD is now surrendering part of those gains and returning to the 1.2920/15 band.

EUR/USD focus on Draghi

Against the backdrop of scarce data releases in the euro bloc, investors remain cautious although the EUR is managing well to keep the trade above the 1.2900 mark so far. Ahead in the day, US Initial Claims (300K exp. on Sep.5th) and the subsequent speech by President Draghi will grab all the attention. “The EUR looks oversold on the weekly studies too and eight weeks of consecutive losses is the EUR’s worst run in form since 1999. We have to be cognizant of the risk of a short-covering bounce in the EUR but we don’t expect a durable recovery at this point”, observed Shaun Osborne,Chief FX Strategist at TD Securities.

EUR/USD levels to watch

As of writing the pair is losing 0.02% at 1.2913 and 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). On the upside, the initial hurdle aligns at 1.2963 (high Sep.8) followed by 1.2990 (high Sep.5) and finally 1.3000 (psychological level).

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