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EUR/USD depressed below 1.2600

FXStreet (Córdoba) - EUR/USD resumed the fall Tuesday on the back of soft Eurozone inflation figures and cleared a couple of major support levels to hit its lowest level in over two years during the European session.

EUR/USD pierced below November 2012 lows at 1.2660 and triggered stops, falling through the 1.2600 psychological level toward a low of 1.2570, last seen September 6 2012. At time of writing, EUR/USD is trading at 1.2570, recording a 0.86% loss on the day.

As for latest data, Eurozone inflation remains subdued and well below the European Central Bank target (0.3% the headline and 0.7% the core for September), which supports the bank dovish stance and will likely keep EUR/USD under pressure amid growing divergences of monetary policy.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find immediate supports at 1.2560 (Sep 6 2012 low), 1.2500 (psychological level/Sept 5 2012 low) and 1.2493 (Aug 31 2012 low). On the other hand, resistances are seen at 1.2663 (Sept 29 low), 1.2714 (Sep 29 high) and 1.2730 (100-hour SMA).

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