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EUR/USD bouncing off lows, around 1.2865/70

FXstreet.com (Barcelona) - After bottoming in the boundaries of 1.2850, the single currency is now picking up pace and regaining the area around 1.2865/70 albeit trading in the red territory.

In the data front, yields in the Spanish auctions of 3m and 9m Letras have ticked higher, adding to the downside. “While EUR/USD should eventually move lower from here, we think it is still too early for broad-based USD strength”, commented Senior Analyst A.Lumholtz at Danske Bank.

At the moment, the cross is losing 0.09% at 1.2870 facing the next support at 1.2862 (hourly low May 21) ahead of 1.2809 (low May 20) and then 1.2796 (low May 17).
On the upside, a breakout of 1.2930 (high May 16) would aim for 1.2943 (high May 15) and finally 1.2947 (MA10d).

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