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EUR/USD retreats from peaks, back to 1.1290

FXStreet (Edinburgh) - The shared currency is receding some ground vs. the dollar pre-European open on Thursday, with EUR/USD meandering around the1.1290/85 band.

EUR/USD focus on FOMC meeting

The pair keeps the trade around the middle of the weekly range near 1.1300 the figure so far, bouncing off yesterday’s multi-day troughs in the boundaries of 1.1210.

Data wise in the euro area, July’s Construction Output is only due, ahead of the most relevant event due later: the FOMC meeting. With expectations of a rate hike today dwindling to nearly 30%, market consensus keeps pointing to a hawkish tone by the Committee, leaving the rate hike for later in the year.

EUR/USD key levels

The pair is losing 0.03% at 1.1287 and a breakdown of 1.1214 (low Sep.16) would aim for 1.1171 (low Sep.10) and finally 1.1131 (low Sep.9). On the other hand, the next up barrier lines up at 1.1319 (high Sep.15) ahead of 1.1374 (high Sep.14) and then 1.1523 (high Aug.26).

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