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Forex: EUR/USD falls back to 1.3390/1.3400

The EUR/USD quest for gains has been stalling around 1.3430 since early Wednesday trading and now, as the economic calendar becomes empty in Europe, the market decided to test the 1.3400 handle and the opening price of 1.3389 for support.

Both German and French CPI data were released in early European morning, followed by Italian industrial figures. The UK has been attracting much attention with BoE's meeting minutes revealing Governor King's vote in favor of more QE, lost in a 6-3 vote.

“Several tests above 1.3305 have failed and this signals, that a reversal process is underway, so my outlook here is bullish, for a break through 1.3520, en route to 1.3710”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key intraday support at 1.3370-80.

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