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EUR/USD gathers steam, eyes on 1.3260

FXstreet.com (Edinburgh) - After testing the proximities of the critical support at 1.3200 post-US data, the EUR/USD managed to attempt a recovery to the mid 1.3200s so far.

EUR/USD paring losses

Softer US manufacturing data from regional indices plus a flat reading from the industrial production poured some cold water over the excitement on multi-year lows of Initial Claims, prompting the pair to start a gradual recovery from the vicinity of 1.3200 the figure, or 2-week lows. According to BBH Global Currency Strategy Team, “The Federal Reserve exited QE1 and Q2 prematurely in the sense that they later approved a QE3 (and this time kept it open ended). While the labor market has improved, the broader economy lacks momentum and inflation, as Bullard noted yesterday, does not appear to be moving back toward the Fed's target”.

EUR/USD levels to watch

As of writing the pair is losing 0.01% at 1.3254 with the next support at 1.3188 (low Aug.2) followed by 1.3179 (MA30d) and then 1.3164 (low Jul.23). On the upside, the initial barrier lies at 1.3311 (high Aug.15) followed by 1.3317 (high Aug.13) and finally 1.3345 (high Aug.12).

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