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EUR/USD trims losses, back to 1.1180

FXStreet (Edinburgh) - Poor results from the US housing sector has given a boost to EUR/USD, now reclaiming the 1.1180 region after dropping to sub-1.1150 levels.

EUR/USD on recovery-mode

The pair has now bouncing off daily troughs near 1.1140 after US Pending Home Sales have disappointed expectations during August, contracting 1.4% on a monthly basis and expanding at an annual pace of 6.2%, down from 7.2%.

The knee-jerk in the dollar is allowing the current rebound, despite a USD-supportive tone from Dudley’s speech earlier on and auspicious results from Personal Spending and PCE during the last month.

Next on tap will be the Manufacturing Business Index gauged by the Dallas Fed for the current month (-9.5 exp.)

EUR/USD levels to watch

As of writing the pair is losing 0.05% at 1.1186 and a breach of 1.1146 (low Sep.28) would open the door to 1.1105 (low Sep.23) ahead of 1.1089 (low Sep.4). On the flip side, the next hurdle aligns at 1.1215 (high Sep.28) followed by 1.1234 (high Sep.25) and then 1.1296 (high Sep.24).

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