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EUR/USD finds support after 120-pip drop

FXStreet (Córdoba) - EUR/USD came under selling pressure during the American session as the greenback staged a comeback across the board while dovish comments from Draghi gave the pair the decisive push below 1.2700.

EUR/USD extended its pullback from a 2-week high of 1.2790 struck earlier and hit a lof of 1.2663, erasing almost completely the FOMC minutes inspired gains. The pair has managed to climb a few pips from lows and it is currently trading at the 1.2680 zone, still 0.41% below its opening price.

EUR/USD levels to watch

On the downside, EUR/USD could find immediate support at 1.2654 (10-day SMA) followed by 1.2622 (Oct 8 low) and 1.2600 (psychological level). On the upside, short-term resistances line up at 1.2790 (Oct 9 high), 1.2863 (Sept 24 high) and 1.2900 (psychological level/Sept 23 high).

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