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EUR/USD losing traction
Earlier today the mixed, but slightly better PMI data out of France and Germany helped to push the EUR/USD to a session high, at 1.0524. Well, over the past couple of hours the EUR/USD has lost traction and fallen below the 1.05 handle again and it was the drop below that level which seems to have added fresh downside momentum. The Euro is now close to the earlier Asian lows, at 1.0484. A break below that level might see it extend. The news flow is light right now and perhaps we have to wait to see the US PMI data (2.45pm GMT) to see what that delivers later on. The EUR/USD is currently trading at 1.0485
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