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EUR/USD back to 1.2670

FXStreet (Edinburgh) - The single currency returns to the 1.2670/65 band at the beginning of the week, following another failed attempt of EUR/USD to break above 1.2700 the figure.

EUR/USD capped by 1.2700

The critical barrier at 1.2700 still remains elusive for any EUR attempt to tick higher, as the US dollar keeps its march north unabated. While market participants wait for the German inflation figures, EMU’s Consumer Confidence matched estimates in September at -11.4 while Economic Sentiment eased a tad towards 99.9 from 100.6. In the view of Quek Ser Leang, Market Strategist at UOB Group, “Against our expectations, EUR broke below 1.2700 touching a fresh low of 1.2677. The lack of rebound coupled with the weak daily close suggests further weakness and a break of the major support at 1.2660 could lead to a quick move towards 1.2630. Expect any recovery to hold below 1.2720”.

EUR/USD levels to consider

As of writing the pair is retreating 0.08% at 1.2674 with the immediate support at 1.2664 (2014 low Sep.29) ahead of 1.2661 (low Nov.13 2012) and finally 1.2627 (low Sep.7 2012). On the flip side, a breakout of 1.2761 (high Sep.26) would open the door to 1.2783 (high Sep.25) and then 1.2816 (low Sep.22).

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