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EUR/USD depressed around 1.2650

FXStreet (Edinburgh) - The single currency keeps session lows as markets enter the last part of the NA session on Wednesday, with EUR/USD gyrating around 1.2665/60.

EUR/USD focus on PMIs

Spot is prolonging its correction lower from weekly tops in the boundaries of 1.2850, as the effects from yesterday’s rumours around the ECB refuse to dissipate. The cautious tone will prevail amongst traders nonetheless, as the advanced readings from manufacturing/services PMIs in the euro region are due tomorrow, with consensus pointing to mixed results. Further data will show the usual weekly report from Initial Claims and the manufacturing PMI tracked by Markit, all across the pond. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals remain mixed, “as spot sits fairly range bound between 1.2501 and 1.2886 looking for a catalyst. Technicals are not providing strong signals in terms of direction”.

EUR/USD levels to consider

As of writing the pair is losing 0.44% at 1.2659 facing the next support at 1.2638 (low Oct.15) ahead of 1.2624 (low Oct.15) and finally 1kiu2605 (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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