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Forex: EUR/USD eases to 1.3080/85

FXstreet.com (Barcelona) - The euro is now accelerating its correction lower towards the area of 1.3080/85 as risk aversion is creeping back to the markets ahead of the FOMC minutes.

“As we’ve pointed out recently though, the 1.3140/50 area (near the 100– and 50– day moving averages is the more important resistance level to watch. We become better buyer of a clean break above there, but would not be surprised to see a rejection lower in the short term”, commented S.Osborne and G.Moore, Strategists at TD Securities.

At the moment, the cross is flat at 1.3084 with the next resistance at 1.3135 (high Mar.8) ahead of 1.3163 (high Feb.28) and then 1.3229 (50% of Feb-Apr slide).
On the downside, a dip beyond 1.3006 (low Apr.9) would then target 1.2963 (low Apr.8) en route to 1.2928 (MA10d).

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