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EUR/USD heads into NFP at daily lows

FXStreet (Córdoba) - EUR/USD retraced completely yesterday’s gains and trades at session lows ahead of the US nonfarm payrolls report.

After a dismal 142K reading in August, analysts are betting for a stronger 215K job gain in September. A much stronger than expected rise might see EUR/USD stumbling to fresh cycle lows as solid employment readings might fuel prospects of an early rate hike by the Federal Reserve.

EUR/USD failed to break above 1.2700 late Thursday and came under pressure, sliding back to the lower 1.26’s during the European trade. At time of writing, EUR/USD is trading at 1.2615, recording a 0.41% loss on the day.

EUR/USD technical levels

A break below 1.2570/60 (Sept 30 low/Sep 6 2012 low) would open the way to 1.2500 (psychological level/Sept 5 2012 low) and 1.2493 (Aug 31 2012 low).On the other hand, resistances are seen at 1.2700 (Oct 2 high), 1.2714 (Sep 29 high) and 1.2760 (Sept 26 high).

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