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EUR/USD rallies above 1.3000

FXstreet.com (Córdoba) - The euro managed to break decisively above the 1.3000 mark versus the greenback, as the US currency resumed its slide following disappointing PIB and claims data.

EUR/USD has risen over 100 pips within the last hours, triggering stops on the break of 1.3000 and reaching a 20-day high of 1.3048 so far.

The USD was staging a mild recovery before the data, but soft figures did nothing but weaken expectations that the Fed could begin tapering its QE program soon, halting the bounce.

At time of writing, EUR/USD is trading at the 1.3030 zone, posting a 0.7% daily gain, with immediate resistances at the 1.3050 zone (daily highs) ahead of 1.3100 (psychological level). On the downside, supports are seen at 1.2930/20 (daily lows/100-hour SMA) and 1.2880 (May 28 low).

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