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EUR/USD retests highs around 1.2860

FXStreet (Edinburgh) - The single currency has now managed to leave session troughs just above 1.2840, lifting the EUR/USD back to the 1.2855/66 band.

EUR/USD bolstered by euro data

Mixed tone from the advanced manufacturing and services PMI prints in the euro area plus a softer performance from the US dollar seem to be lending support to the pair in the European morning. Despite the current rebound, the 1.2860/70 band remains elusive for EUR-bulls although a more sustained pick up in the risk appetite could well see spot creeping back to the boundaries of 1.2900 the figure. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “most technical indicators are warning of a loss of downside momentum even as spot managed to close at its lows on Friday. Accordingly, the outlook remains bearish, but the pace of the next down move could prove slow. Support lies at 1.2800; resistance comes in at Friday’s open of 1.2923”.

EUR/USD levels to watch

As of writing the pair is up 0.11% at 1.2863 with the next resistance at 1.2868 (high Sep.22) ahead of 1.2904 (Tenkan Sen) and finally 1.2929 (high Sep.19). On the downside, a breach of 1.2843 (low Sep.23) would open the door to 1.2816 (low Sep.22) and then 1.2800 (psychological level).

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