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EUR/USD extends below 1.2700

FXStreet (Edinburgh) - The common currency is now accelerating its intraday correction lower, pushing EUR/USD back below the 1.2680/75 band.

EUR/USD hinges on risk sentiment

Spot is back to square one, almost fully retracing the spike to the 1.2800 area post-FOMC minutes on Wednesday. Renewed demand for the US dollar plus sellers fading the recent ascent would be behind the current correction. In the data front, the docket in Euroland appears less than attractive, let alone a market mover, with Italian and French reports from the industrial sector due. The back and forths in the risk sentiment will thus be the main driver in today’s price action, which seems it will gyrate around the 1.2700 handle so far.

EUR/USD levels to consider

The pair is now losing 0.14% at 1.2672 with the next support at 1.2664 (low Oct.9) ahead of 1.2658 (10-d MA) and finally 1.2636 (200-h MA). On the flip side, a breakout of 1.2760 (21-d MA) would open the door to 1.2791 (high Oct.9) and then 1.2816 (low Sep.22).

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