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EUR/USD regains 1.0550

FXStreet (Edinburgh) - After dropping to fresh lows in the 1.0520 area, EUR/USD has rebounded and is now looking to clinch the 1.0550/60 band.

EUR/USD depressed below 1.0600

The pair is navigating the area of multi-week lows on Monday, dragged lower by a continuation of the USD-strength and disappointing releases in the Chinese economy.

In addition, Greek jitters started to gather traction, as the country needs to submit a package of reforms by April 20th in order to be assessed by EU officials prior to the Eurogroup meeting on April 24th.

EUR/USD key levels

The pair is now losing 0.47% at 1.0554 with the next support at 1.0457 (2015 low Mar.16) followed by 1.0400 (psychological level) and then 1.0360 (low Jan.8 2003). On the flip side, a breakout of 1.0620 (high Apr.13) would target 1.0684 (high Apr.10) en route to 1.0772 (10-d MA).

AUD/USD bounces off 11-day low

The Australian dollar fell sharply during the Asian session, weighed by disappointing Chinese trade data, and hit an 11-day low versus the greenback at the 0.7550 area before finding support and entering a sideways phase.
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UK political risks significantly under-priced – RBS

With UK election outcome uncertainty continuing to keep GBP volatile, Ross Walker, Senior UK Economist at RBS, comments that the market is yet to price in the political risks associated with the upcoming elections.
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