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EUR/USD bounces sharply from below 1.2400

FXStreet (Córdoba) - EUR/USD dropped below 1.2400 and hit a 3-day low on the back of better-than-expected US retail sales figures, but found support and bounced sharply from lows with no clear catalysts other than profit-taking ahead of the weekend.

After touching a low of 1.2398, EUR/USD quickly regained the 1.24 mark and climbed all the way back to the 1.2460 zone, cutting almost completely intraday losses. At time of writing, EUR/USD is trading at 1.2450, still 0.20% below its opening price.

EUR/USD levels to watch

As for short-term levels, immediate supports are seen at 1.2398/93 (daily low/Nov 11 low) and 1.2357 (2014 low Nov 7). On the flip side, resistances are seen at 1.2478 (daily high) and 1.2500 (psychological level).

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