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EUR/USD up to challenge post NFP high

FXStreet (Buenos Aires) - In what was a quiet US afternoon, news that China boosted liquidity to the five largest banks in the country up to of 500 billion Yuan, triggered sudden moves all across the board. Market is seeing this as equivalent to a cut in RRR, risk positive, with safe havens being sold off across the board.

The EUR/USD surged a few pips above the 1.2980 level, nearing early past US NFP high of 1.2988, so far unable to extend beyond it. The movement is far less impressive that what it seems, with the pair holding anyway within the 100 pips range seen over these last few days. The 1.2988 mentioned high comes as immediate resistance in the short term, followed by 1.3030 price zone, while to the downside now, the pair sees support at 1.2950 area, and 1.2910 as per recent intraday lows.

Ahead of FED meeting tomorrow, the pair will likely maintain the range, according to Valeria Bednarik, FXStreet.com chief analyst, when market will finally decide “whether to extend the bearish trend or begin a stronger upward corrective move.”

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