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Forex: EUR/USD retreats from 1.2870

FXstreet.com (Barcelona) - Another attempt to follow through 1.2870 and another failure for the single currency, returning afterwards to the current area of 1.2860/65.

Today’s advance against the greenback is far from a sustainable rebound in the euro, as the German IFO, manufacturing/services PMI and the FOMC minutes are due ahead in the week. Regarding the minutes, “Markets will be parsing them very thoroughly for any clues about QE tapering… While we expect the key Fed officials to signal steady as she goes with regards to QE, we acknowledge that markets could see some turbulence”, assessed the BBH Global Currency Strategy Team.

The pair is advancing 0.18% at 1.2866, and a break above 1.2890 (high May 17) would expose 1.2930 (high May 16) ahead of 1.2943 (high May 15).
On the flip side, support levels align at 1.2796 (low May 17) followed by 1.2740 (2013 low Apr.4) and finally the psychological mark at 1.2700.

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