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EUR/USD deflates towards 1.1230, US data eyed

FXStreet (Edinburgh) - The single currency has given away most of its earlier advance vs. the dollar, with EUR/USD now gyrating around 1.1230.

EUR/USD coming back from 1.1320

The pair is eroding Friday’s spike to weekly tops above 1.1300 the figure, posted in the wake of September’s disappointing US Payrolls (142K), against a renewed context of increasing buying interest around USD.

Poor results from Services PMIs in Euroland during last month have offset the auspicious figures from EMU’s retail sales and the Sentix index, both surpassing consensus. Next of relevance across the pond will be the ISM Non manufacturing, Services PMI by Markit and the Fed’s Labor Market Conditions Index, leaving the attention to the greenback.

EUR/USD levels to watch

As of writing the pair is advancing 0.20% at 1.1234 and a breakout of 1.1290 (high Oct.5) ahead of 1.1318 (high Oct.2) and then 1.1330 (high Sep.21). On the flip side, the immediate support lines up at 1.1207 (low Oct.5) followed by 1.1150 (low Oct.2) ahead of 1.1135 (low Oct.1).

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