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Forex pairs in this Article » EUR/USD (Edinburgh) - The EUR rally seems to have run out of legs in the boundaries of 1.3680 on Thursday, with the EUR/USD now retreating a tad lower to 1.3675/70.

EUR/USD boosted by data, FOMC next

Very auspicious data from euro zone manufacturing and services PMI during January propelled the single currency near the 1.3700 handle during the European morning, helped at the same time by poor data from the US docket and better consumer confidence in the euro bloc for January. The slew of positive releases prompted investors to quickly shrug-off earlier downbeat Chinese readings, with the HSBC PMI below the 50 threshold. According to Camilla Sutton, Chief Strategist at Scotiabank, short-term technicals are bearish “but increasingly mixed. A close above the 50-day MA at 1.3638 would suggest a shift in momentum and potentially open up a test up to 1.3700; however for now all technical studies continue to warn of downside risks”.

EUR/USD significant levels

As of writing the pair is advancing 0.94% at 1.3674 and a surpass of 1.3679 (high Jan.15) would aim for 1.3700 (psychological level). On the downside, the immediate support aligns at 1.3530 (low Jan.23) followed by 1.3517 (low Jan.21) and finally 1.3508 (2014 low Jan.20).
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