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EUR/USD eases-off 3-week highs, holds above 1.1300

FXStreet (Mumbai) - A sudden rally in the EUR/USD pair lost steam near the mid-point of the 1.13 handle and retreated slightly in the European morning, as the US dollar recouped partial losses while the strengthening European stocks also restricted further upside.

EUR/USD at three-week highs

The EUR/USD pair trades 0.40% higher at 1.1322, retreating from fresh three-week peaks reached at 1.1346. The major recedes a part of the spike seen in last hours, although holds firmly above 1.13 handle, as the US dollar halted its sell-off and recovered some losses against its major competitors.

Moreover, the prevalent upbeat momentum in the European stocks also restricted further upmoves in the EUR/USD pair. The pan-European benchmark, the Euro Stoxx extends +0.90% to 3,254 and the DAX also advances 1% to 10,088.

However, overall a generalized intraday upside bias persists in the main currency pair as the US dollar will remain undermined, as traders move away from the US currency on the back of lack of clarity provided on rate-hike prospects by the Fed minutes.

EUR/USD Technical Levels

The pair holds above all its major moving averages while the RSI remains above the mid-lines, pointing higher. Thus, to the upside, the major faces immediate resistance at 1.1400 (round number), beyond which a test of 1.1442-60 (Sept 17 & 18 Highs) would become imminent. While the immediate support is located at 1.1258 (5-DMA), below which 1.1240-1.1237 (20 & 50-DMA confluence) could act as a strong support.

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