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EUR/USD firmer… 1.2800 on sight

FXStreet (Edinburgh) - The buying interest around the euro is consolidating on Thursday, taking EUR/USD to challenge levels in the proximity of the critical barrier at 1.2800.

EUR/USD boosted by USD sell-off

The greenback keeps losing ground across the board, with the recent dovish tone from the FOMC minutes intensifying the already bearish correction. Draghi’s speech in the European evening will be closely watched by market participants, following US Initial Claims (294K exp.) as the only release of relevance across the pond. Camilla Sutton, Chief FX Strategist at Scotiabank, commented “technicals are warning of a shift in momentum as the MACD turns into buy territory, candlesticks warn and the 4‐day MA flirts with a cross above the 9‐day MA. We see this as a sign of caution (not a buy signal)”.

EUR/USD key levels

At the moment the pair is up 0.29% at 1.2771 with the next resistance at 1.2816 (low Sep.22) ahead of 1.2849 (30-d MA) and then 1.2864 (high Sep.24). On the flip side, a breakdown of 1.2665 (10-d MA) would open the door to 1.2634 (200-h MA) and finally 1.2623 (low Oct.8).

USD/CAD drops below 1.1100

After FOMC minutes USD/CAD plummeted, falling a hundred pips in a few minutes. During the Asian session remained with bearish momentum and bottomed on European hours at 1.1080, 1-week low.
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FTSE declines after the BOE rate decision

The UK Equity index has declined below the yesterday’s closing level of 6482 after the Bank of England (BOE) decided to hold interest rate unchanged at 0.5%. The central bank also left unchanged a stimulus program of holding 375 billion pounds, or about USD 603 billion.
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