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EUR/USD resumes the downside

FXStreet (Córdoba) - EUR/USD has come under pressure during the European morning as investors seem to be resuming dominant trends now that Fed’s and Scottish uncertainties are dissipated.

EUR/USD began to move south after the latest recovery attempt was capped by the 1.2930 zone, despite a positive mood in equity and bond markets and the Eurozone reported a wider-than-expected current account surplus. EUR/USD has dropped more than 60 pips over the last few hours and printed a daily low of 1.2865 in recent dealings. At time of writing, the pair is trading at 1.2880, recording a 0.32% loss on the day and on track to post its ninth fall in ten weeks.

The economic calendar is barely empty for the rest of the day, so EUR/USD could enjoy a phase of consolidation as investors weigh recent developments. On one hand, the Federal Reserve increased rates projections while on the other hand, the Scottish independence referendum concluded with the majority voting to stay in the United Kingdom.

EUR/USD technical outlook

"The recent rebound to 1.2930 should be considered corrective and my outlook here is bearish, for a break through 1.2860, en route to 1.2750", said Stoyan Mihaylov, analyst at Deltastock.

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