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EUR/USD hits fresh lows near 1.1285 in early moves

FXStreet (Mumbai) - The rebound seen in the EUR/USD pair lost steam near 1.1320 levels, with the major wiping-out early gains and now trades muted below 1.13 handle.

EUR/USD faces stiff resistance near 1.1320

The EUR/USD pair trades almost unchanged at fresh session lows of 1.1285, unable to resist 1.13 handle. The main currency pair once again failed near 1.1320 region and stalled its recovery mode from fresh weekly lows at 1.1215 levels, as the greenback recovered losses against its major competitors heading into the European opening bells.

Markets seem to have moved past the tepid US inflation numbers and now favour the US currency in the run to the Fed showdown, which is likely to emerge the main highlight today.

The US consumer price index fell 0.1% in August, just as the markets were expecting, after edging 0.1% higher in July, fresh figures from the Department of Labor showed on Wednesday.

Looking ahead, today's FOMC decision is seen as the most closely watched event in years. Markets are fairly evenly split on whether the long-awaited rates normalization will kick off, but the market is pricing around 30% odds.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1318 (Today’s High), above which gains could be extended to 1.1375 (Sept 14 High) levels. On the flip side, support is seen at 1.1257 (Sept 15 Low) below which it could extend losses to 1.1204 (Sept 1 Low) levels.

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