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EUR/USD back to 1.2650

FXStreet (Edinburgh) - The single currency is now extending its intraday correction, dragging EUR/USD back to the mid-1.2600s so far.

EUR/USD retreats from early peaks

Better risk sentiment helped spot to reach the boundaries of 1.2700 the figure overnight. However, the bullish intent run out of legs afterwards, sparking the current drop to the 1.2655/50 band. Nothing worth of mentioning data wise, with only German Wholesale Prices rising 0.1% inter-month in September, matching estimates. Today’s speeches by Praet and Weidmand in Euroland, and Evans across the pond will be the most relevant events, although far from being market movers. In the opinion of analysts at BBH, “A break of $1.2600 is needed to signal a new push at $1.25. A break of $1.25 could spur another 2-3 cent euro decline”.

EUR/USD levels to watch

At the moment the pair is up 0.20% at 1..2655 with the next resistance at 1.2698 (high Oct.13) ahead of 1.2716 (high Oct.10) and then 1.2743 (21-d MA). On the flip side, a breakdown of 1.2638 (200-h MA) would expose 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7).

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