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EUR/USD recovery capped at 1.2540

FXStreet (Edinburgh) - After hitting fresh ytd lows in the 1.2480 area, EUR/USD attempted a rebound, although the bullish attempt seems to have found tough resistance around 1.2540 so far.

EUR/USD punished by the USD

The FOMC meeting was the spark the greenback was looking for. A re-emergence of the US dollar wiped out the pair’s advance from the vicinity of 1.2600 last week to the boundaries of the 1.2800 handle pre-Fed on Wednesday. In addition, today’s decision by the BoJ boosted the greenback even further, accentuating EUR’s pullback to more than 2-year lows. Looking ahead, the final figures from the manufacturing PMIs in the euro bloc are due on Monday, followed by the manufacturing PMI tracked by Markit and the ISM Manufacturing across the pond.

EUR/USD key levels

The pair is now losing 0.62% at 1.2534 and a breach of 1.2485 (low Oct.31) would open the door to 1.2465 (low Aug.28) and then 1.2431 (low Aug22). On the upside, the initial hurdle aligns at 1.2617 (high Oct.31) ahead of 1.2639 (high Oct.30) and then 1.2688 (21-d MA).

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