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EUR/USD extends rejection to 1.0700

FXStreet (Tokyo) - The Euro is losing steam against the US dollar following the better than expected Philly fed manufacturing survey. After peaking to 1.0765, the EUR/USD is being sold and launched back to 1.0700.

As previously reported, the EUR/USD rallied 140 pips from 1.0625 in the European morning just to be sold at 1.0765 after the jobless and housing economic data. However, the pair found selling interest at this level plus a better than expected Philadelphia Fed manufacturing index launched the pair towards 1.0700.

Currently, EUR/USD is trading at 1.0695, up 0.13% on the day, having posted a daily high at 1.0768 and low at 1.0624. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

Euro to dollar exchange levels

According to FXStreet chief analyst Valeria Bednarik, "the 1 hour chart shows that the price is above its moving averages, whilst the technical indicators are losing upward potential above their mid-lines, limiting chances of additional advances."

If the pair consolidates levels below 1.0700, it will find supports at the 20-hour MA level of 1.0690 and then the 50-hour moving average around 1.0635. To the upside, 1.0710, 1.0750 and 1.0770 are resistances.

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