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EUR/USD wobbling around 1.2700

FXStreet (Edinburgh) - The single currency remains on the defensive camp on Wednesday, now pushing EUR/USD back below the 1.2700 handle.

EUR/USD in multi-day lows

Spot is back to sub-1.2700 levels for the first time since 15th October. Despite ECB officials pouring cold water over the recent rumours involving the potential purchase of corporate bonds by the central bank, the bearish mood keeps alive and dragging EUR lower. There are no releases in the euro bloc today, although US CPI due later should bring some volatility to the pair.

EUR/USD levels to consider

As of writing the pair is losing 0.13% at 1.2698 facing the next support at 1.2638 (low Oct.15) ahead of 1.2624 (low Oct.15) and finally 1.2605 (low Oct.10). On the upside, a breakout of 1.2738 (10-d MA) would target 1.2816 (high Oct.20) en route to 1.2840 (high Oct.21).

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