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EUR/USD: easy comes, easy goes

FXStreet (Córdoba) - EUR/USD rally faltered after hitting a 3-week high near 1.2900, propelled by broad dollar weakness that followed a series of disappointing US data.

EUR/USD falls back below 1.2800


EUR/USD rallied more than 200 pips and peaked at 1.2882 before finding sellers and falling back below the 1.28 mark. The pair slid to an hourly low of 1.2740 and it is currently trading at 1.2770, still up 0.9% on the day.

The dollar came under strong selling pressure as investors grow skeptical the Fed might hike rates sooner than later amid deteriorating economic data.

EUR/USD levels to watch

As for technical levels, immediate resistances are seen at 1.2882 (intraday high) and 1.2900 (psychological level). On the flip side, supports could be found at 1.2740 (intraday level) and 1.2670 (10-day SMA) ahead of 1.2623 (intraday low).

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