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Forex: EUR/GBP struggles to retrace morning decline

FXstreet.com (Barcelona) - Having spiked to post a high at 0.8568 this morning following better than expected French PMI, spot crashed as Germany missed PMI expectations.

The pair slide to post a low at 0.8512, just above daily S2 support at 0.8507. having made support at the low, spot bounced on weaker than expected US Manufacturing PMI which came in at 52 against forecasts of 54, to trade at 0.8539, before succumbing to the prevailing downside sentiment and easing lower to where it is currently trading at 0.8523. Hourly MA´s are indicating downside momentum, while stochastics are at 20, having turning in oversold territory. RSI is at 40 and range bound.

Forex Flash: EUR crosses dominated by neutrality – UBS

UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses and note that there is a generally neutral-trending bias ahead.
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Session Recap: Euro briefly dips below 1.3000

The euro and other risky currencies weakened broadly during the European session, weighed by disappointing PMI data out of Europe and China. EUR/USD fell below 1.3000 and hit a low of 1.2972 before finding support and bouncing, helped by the positive opening in Wall Street.
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