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EUR/USD off lows but below 1.10

FXStreet (Mumbai) - The EUR/USD pair recovered from the session low of 1.0977, but stays below 1.10 handle as the USD stays in demand amid moderate weakness in the European equities.

Rejected at 1.1030

The spike in the USD demand in early Europe pushed the pair lower from the high of 1.1030 levels. Once below 1.10, fresh offers pushed the pair to a low of 1.0977, but a minor recovery took the pair to around 1.0985 levels.

The traders now await ECB Draghi’s speech due later today. The US factory orders may be overshadowed by Draghi’s comments unless the number is significantly higher/lower than consensus estimates.

EUR/USD Technical Levels

The immediate resistance is seen at 1.10 handle, followed by a hurdle at 1.1038 (23.6% of Oct high-low). A break above would expose 1.1088 (50% of Mar-Aug rally). On the other side, a break below 1.0977 (daily low) would expose 1.0954 (June 29 low) and 1.0916 (July 7 low).

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