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EUR/USD fades away from highs

FXstreet.com (London) - EUR/USD is continued on the offer towards the gap to meet 1.3320. However there are some interim bids in at 1.3335 supporting the pair in the overall bearish trend for today’s session.

EUR/USD has reached a high of 1.3386 and has so far printed a low of 1.3330 for today’s markets. This has been a dollar story in the main, with the Hawk, Larry Summers’, withdrawal from being considered as the next Fed Chairman and the possibility that the Dove, Janet Yellen, may be the person for the job. Therefore, markets are expecting a longer term in current accommodative policies. Meanwhile, the sell off has been overdone, and the dollar is making a modest come back.

EUR/USD meets significant levels

Karen Jones, chief analyst at Commerzbank notes that a significant level had been reached, while the pair currently trades 1.3339 spot. “EUR/USD has accelerated higher to 1.3378 where the 78.6% retracement of the August-to-September decline can be seen. The Intraday charts are suggesting that this will extend to 1.3453 August high
possibly 1.3520, but is unlikely to reach the 1.3711 January high”.

EUR/USD to remain Bid if...

She went on to say, “The market will stay immediately bid above the 1.3284 accelerated uptrend, only below here alleviates immediate upside pressure for a slide back to the 1.3214/1.3157 55 and 200 day moving average and then the 1.3104/5 September low”.

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