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EUR/USD assaults 1.2660

FXStreet (Edinburgh) - The common currency is attempting to grab the 1.2660 level, with EUR/USD coming back after bottoming out near 1.2620 overnight.

EUR/USD focus on FOMC minutes

Spot is managing to gather steam after dipping to the vicinity of 1.2620 in early trade, now looking to challenge the 1.2660 region ahead of session peaks around 1.2680. Absent data in Euroland today, market participants will look to the FOMC minutes for any catalyst amidst patchy sentiment surrounding the risk appetite. “We think a correction is overdue but the market may want to extend lower in the next few weeks before thinking about squaring up into the calendar year-end. Below 1.2500/10 near-term support would suggest a renewed pick up in the sell-off. Look to fade modest rallies for now but stand back if the market gets above 1.2750”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

EUR/USD levels to watch

As of writing the pair is losing 0.14% at 1.2651 facing the next support at 1.2583 (low Oct.7) ahead of 1.2504 (low Oct.6) and then 1.2501 (2014 low Oct.3). On the upside, a breakout of 1.2652 (10-d MA) would expose 1.2699 (high Oct.2) and finally 1.2715 (high Sep.29).

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