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EUR/USD finds resistance at 1.2950

FXStreet (Córdoba) - The euro is trading slightly higher for the day against Greenback but remains below yesterday’s highs. EUR/USD fell momentarily below 1.2900 during the European session but bounced quickly back above. After the release of US data rose, but the upside was capped by 1.2950.

The pair failed to break above 1.2950 and pulled back. Ahead of Mario Draghi’s speech EUR/USD was trading at 1.2930, up 15 pips from yesterday's closing price.

EUR/USD ready to bounce?

The pair is still moving with a downside bias in the long term but in the short term the euro is starting to show some stabilization signals. Price has been unable to recover considerable but for the second day in a row it did not reached fresh 2014 lows.

The area around 1.2950 is the immediate resistance area to consider, and above here the next could be located at 1.2990/95. To the downside, support might lie at 1.2895 (daily low) and then 1.2855/60 (September 9 low).

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