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Forex pairs in this Article » EUR/USD (Edinburgh) - The selling pressure around the euro is intensifying on Wednesday, driving the EUR/USD to test the psychological limestone at 1.3000.

EUR/USD decline accelerates

Despite the disappointment from the annualized US GDP, the pair only attempted an ephemeral spike to the 1.3050 region, just to fall since then to the current area of 1.3010/00. According to I.Spivak, Currency Strategist at DailyFX, “Prices turned lower as expected, snapping the rising trend established from mid-May. A break past support at 1.3105, the 50% Fibonacci retracement, has exposed the 61.8% level at 1.3032. The 1.3105 mark has been cast as near-term resistance. A move back above that aims for 1.3178, the 38.2% Fib”.

EUR/USD levels to watch

At the moment the pair is retreating 0.52% at 1.3014 and a breakdown of 1.2956 (low Jun.3) would open the door to 1.2944 (low May 31) and finally 1.2934 (low May 30). On the upside, resistance levels line up at 1.3087 (high Jun.26) ahead of 1.3151 (high Jun.25) and then 1.3161 (low Jun.20).
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