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EUR/USD retraces from highs set in early Asia - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the EUR/USD has fallen from the early Asia highs around the 1.2970 level and is on the path to retest recent lows.

Key quotes

"The initial bearish tone among indexes has been easing with US futures still in recovery mode and European ones struggling around their opening levels, which helped the dollar some."

"Nevertheless, majors trade within range, showing little progress so far today."

"In Europe, the union Trade Balance show a surplus below expected of €12.2B in July from previous €13.8B, with no market reaction so far after the release."

"Technically, the EUR/USD 4 hours chart shows price found some intraday support a 1.2920 but for the most, technical readings maintain a quite neutral stance, with indicators back around their midlines and 20 SMA flat, with price moving back and forth around it."

"At this point, seems there’s little room for a clearer trend, with major data scheduled for the upcoming days: a price acceleration below 1.2920 may extend down to 1.2860/80, while the upside will likely remain capped by recent highs in the 1.2980/90 price zone."

The sterling is extending its bounce off overnight lows near 1.6230 vs. the greenback, lifting GBP/USD back to the 1.6270 region.

The sterling is extending its bounce off overnight lows near 1.6230 vs. the greenback, lifting GBP/USD back to the 1.6270 region....
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