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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD foreign exchange rate continued to rally during US trading Monday, following its earlier collapse below the 1.3000 region on Portuguese concerns.

Earlier today in the United States, Retail Sales (MoM) came in at +0.4% in June, missing expectations of +0.8%. Moreover, Retail Sales -ex Autos (MoM) netted no change in June, against estimates of +0.4%. Finally, the NY Empire State Manufacturing Index (July) was reported at 9.46 in July, vs. a projected figure of 5.0.

EUR/USD strategic bias

Despite a recent recovery attempt that was stymied at the 1.3050 level, the EUR/USD foreign exchange rate remains entrenched in negative territory at 1.3041, now down -0.25% in these moments. Any fall in the pair will first need to breach supports at 1.2995 (session low), followed by 1.2975, and 1.2945.

According to the Karen Jones, an analyst at Commerzbank, “The EUR/USD followed a week of sharp reversals, as the market started this week in a consolidation movement. The Elliot wave count on the 60 and 240-minute charts is suggesting that there is scope for further strength, but that the market is likely to struggle to make much impact beyond the 1.3208 high we have just seen. Dips are currently indicated to hold very near term in the 1.2985/40 band.”
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