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EUR/USD struggles to surpass 1.2500

FXStreet (Edinburgh) - The demand for shared currency is almost non-existent on Wednesday, with EUR/USD still unable to regain the 1.2500 handle.

EUR/USD eyes on ISM

The USD rally remains unabated so far, keeping EUR-buyers at bay and relegating spot to trade in levels sub-1.2500, while 2014 lows around 1.2440 are looming. Worrisome results from the services PMIs and Retail Sales in the euro area have added to the current downside, painting a grim scenario for the euro ahead of tomorrow’s ECB meeting. Ahead in the session, the US ISM Non manufacturing is due, with consensus expecting the index to ease to 58.0 vs. 58.6 during October.

EUR/USD levels to consider

At the moment the pair is retreating 0.46% at 1.2487 with the initial support at 1.2439 (low Nov.3) ahead of 1.2431 (low Aug.22 2013) and finally 1.2342 (low Aug.21 2013). On the upside, a break above 1.2605 (Tenkan Sen) would aim for 1.2614 (low Oct.23) and then 1.2617 (high Oct.31).

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