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EUR/USD rallies as USD weakens broadly

FXStreet (Córdoba) - EUR/USD bounced sharply from the 1.2400 area and rallied to fresh daily highs as USD reversed post-GDP gains across the board.

EUR/USD broke above the 1.2440 area and climbed to a peak of 1.2478 as the dollar was unimpressed by upbeat GDP figures. However, EUR/USD lost momentum ahead of the 10-day SMA and eased slightly to currently trade around 1.2470, up 0.24% on the day.

EUR/USD levels to watch

On the upside, next resistance levels line up at 1.2480 (10-day SMA) and 1.2500 (psychological level). On the downside, supports are seen at 1.2400 (psychological level) and
1.2357 (2014 low Nov 7).

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