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EUR/USD retraces off highs back to 1.2941/42

FXstreet.com (Barcelona) - The EUR/USD has come to life recently during European trading, moving higher and establishing fresh intraday maximums at 1.2957 Wednesday.

However, this level proved to be fleeting, leading the pair to ease off its highs and retrace back to the 1.2941/42 level in these moments. At this juncture, ahead of the vaunted FOMC minutes later today during US trading, the EUR/USD is notching an advance of +0.27% presently.

According to the Mataf.net analyst team, the EUR/USD will look to eventually test resistive levels at 1.2963, onto 1.3000, and finally 1.3061. Alternatively, a paring of recent gains will drive the pair towards supports at 1.2865, then 1.2804, ahead of 1.2767.

“The EUR/USD moved to the upside yesterday after failing to stabilize below the ascending key support level, however we see it stable below its linear regression indicator 34, indicating the possibility of negativity again. Meanwhile, the pair has to stabilize below 1.2880 to revive negativity.” notes the ICN.com analyst team.

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