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EUR/USD edges higher as US data disappoints

FXstreet.com (Córdoba) - EUR/USD bounced from session lows and spiked to the 1.2980 area after data showed US GDP was revised slightly lower to 2.4% from 2.5% in Q1, while jobless claims unexpectedly rose to 354K last week.

Soft growth and employment data undermined expectations that the Fed could begin to taper its bond buying program and weighed on the greenback, which was staging a mild comeback ahead of the data.

EUR/USD rose nearly 30 pips within the last minutes, but has been capped by 1.2980 so far. At time of writing, EUR/USD is trading at the 1.2970 zone, where it is still up 0.2% on the day.

On the upside, immediate resistances are seen at 1.3000 (psychological level) and 1.3020 (200-day SMA), while supports are seen at 1.2930/20 (daily lows/100-hour SMA) and 1.2880 (May 28 low).

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