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Forex pairs in this Article » EUR/USD (Edinburgh) - The shared currency is quickly depreciating against the greenback on Wednesday, dragging the EUR/USD to test overnight lows in the vicinity of 1.3740.

EUR/USD struggles at 1.3770

The pair found strong resistance in the area of 1.3770, where a bout of selling interest dragged the EUR to the lower band of today’s range near 1.3740. In the data space, the final November inflation figures in Germany left no room for surprises, coming in at 0.2% inter-month and 1.3% on a yearly basis. Further results showed that the French Current Account deficit narrowed to €2.1 billion in October from €3.6 billion previous. According to Emmanuel Ng, Strategist at OCBC Bank, “the EUR-USD may find fortitude to test towards the 1.3800 ceiling in the near term. On the downside, a key psychological support is expected on dips to the 1.3700 and then 1.3650 area”.

EUR/USD levels to watch

At the moment, the pair is losing 0.11% at 1.3752 with the immediate support at 1.3734 (low Dec.10) ahead of 1.3695 (low Dec.9) and then 1.3647 (Tenkan Sen line). On the flip side, a breakout of 1.3795 (high Dec.10) would open the door to 1.3818 (high Oct.28) and finally 1.3833 (2013 high Oct.25).
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