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EUR/USD rises to 1.2850

FXStreet (Córdoba) - The euro recovered ground during the American session against Greenback and erased losses. EUR/USD is trading around 1.2850, 20 pips above Friday’s closing price.

After Draghi’s presentacion at the European Parliament EUR/USD dropped to 1.2815, reaching a fresh 2014 low. Then rebounded and climbed on American hours as Greenback pulled back across the board. The pair is about to end trading around 1.2850 ahead of the release of the preliminary PMI report of the Eurozone.

Despite rising modestly and showing oversold reading in some technical indicators, EUR/USD hit a new low for the fourth trading day in a row on Monday and continues to move with a downside bias.

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The USD remains trading firm in the Currency market but Monday wasn't that wild day as majors moved mostly in consolidation mode. Investors were paying attention to Mario Draghi's dovish comments on the Eurozone's economic recovery as well as Fed's Dudley that shows that he is discomfort with interest rates at zero.
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