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EUR/USD recovering with a show on 1.2660

FXStreet (Barcelona) - EUR/USD is trading at 1.2646, down -0.04% on the day, having posted a daily high at 1.2677 and low at 1.2614.

EUR/USD has been holding the fort on the downside and is attempting to re-energise itself with a go through the 1.2660 and building its base on 1.2640. The pair remains with a bearish bias and indicators, although turning neutral in the short term, on the longer time frames offer a gloomy picture f the EUR. Fundamentals are not backing the pair either although earlier on, we did hear from Bundesbank President Weidmann who said that the consensus in the ECB is that deflation risks are low. Markets are normalised towards the close of this week and that isn’t helping the yen.

EUR/USD noteworthy levels

Spot is presently trading at 1.2647, and next resistance can be seen at 1.2651 (Weekly Low), 1.2652 (Daily Open), 1.2654 (Hourly 20 EMA), 1.2676 (Daily Classic PP) and 1.2677 (Daily High). Next support to the downside can be found at 1.2637 (Yesterday's Low), 1.2626 (Weekly Classic S1), 1.2614 (Daily Low), 1.2612 (Daily Classic S1) and 1.2572 (Daily Classic S2).

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