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EUR/USD reacts to the upside after data; 1.3400 on focus

FXStreet (San Francisco) - The Euro is currently trading higher against the US Dollar as the pair reacted positive following the import and export price indexes and jobless claims in the US.

The EUR/USD jumped around 20 pips from 1.3370 to trade at 1.3390 as the pair is attempting to test the 1.3400 level again. Currently, EUR/USD is trading at 1.3386, up 0.17% on the day, having posted a daily high at 1.3397 and low at 1.3348. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.

Jobless claims rises to 311K in Aug 8 week; highest since June. Export prices remained unchanged in July from June while import prices declined 0.2% versus 0.4% drop expected.

EUR/USD sentiment

"To my mind," comments Jamie Coleman from FXBeat, "the fact that the rallies are falling short of important technical levels like 1.3445 and 1.3480/1.3500 suggest that the market remains bearish overall."

Coleman affirms that "it feels to me like the market is getting into better balance, with shorts being pared back, but without rising very far."

Next resistance is 1.3395 ahead of 1.3400, then 1.3415 is the frontier. On he downside, support are at 1.3370, 1.3350 and 1.3335.

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