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EUR/USD back below 1.2500

FXStreet (Córdoba) - EUR/USD is facing mild selling pressure early during the New York session after the latest recovery attempt failed to overcome the 1.2510 area and to fill the weekly opening gap.

The dollar picked up momentum most recently, supported by solid ISM manufacturing PMI data, dragging EUR/USD to a session low of 1.2475. However, the pair may enjoy quiet trading as investors seem unwilling to take big positions ahead of the ECB policy decision Thursday and the nonfarm payrolls report to be published on Friday.

At time of writing, EUR/USD is trading at 1.2485, still down 0.3% on the day, abut off its 26-month low of 1.2439 scored during the Asian session.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find immediate supports at 1.2439 (2014 low Nov 3), 1.2430 (Aug 22 2012 low) and 1.2400 (psychological level). On the upside, resistances are now seen at 1.2510 (intraday low), 1.2523 (Oct 31 closing price) and 1.2600 (psychological level).

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