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EUR/USD regains 1.2750

FXStreet (Edinburgh) - The shared currency is back around the mid-1.2700s on Friday, with the EUR/USD recovering ground from fresh multi-month lows just below 1.2700 posted yesterday.

EUR/USD eyes on US docket

Absent data releases in the euro area, market participants will be scrutinizing another revision of the US GDP Annualized. The greenback could well receive another injection of optimism as consensus expects the US economy to have expanded at an annual pace of 4.6% while the Consumer Sentiment tracked by the Reuters/Michigan index is expected to improve to 84.7 for the current month. All in all, it seems that more selling pressure awaits for the EUR ahead in the day, with recent lows sub-1.2700 being the immediate support. Camilla Sutton, Chief FX Strategist at Scotiabank, says the short term technicals are bearish, adding, “all studies are in the sell territory and momentum is building once again. The next level of support is 1.2662 while resistance comes in at 1.2800”.

EUR/USD levels to watch

At the moment the pair is losing 0.03% at 1.2746 with the next support at 1.2696 (low Sep.25) ahead of 1.2661 (low Nov.13 2012) and then 1.2627 (low Sep.7 2012). On the flip side, a break above 1.2783 (high Sep.25) would target 1.2816 (low Sep.22) en route to 1.2848 (10-d MA).

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