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EUR/USD Attempts to Bounce

The euro recovers as record high inflation in September cements expectations for another large ECB rate hike. An oversold RSI on the daily chart attracted some buying interest, but this could turn out to be a mean reversion trade rather than a sustained recovery. 0.9890 on the 20-day moving average is a resistance and trend followers could be expected to jump in to fade the bounce. In case of a bullish breakout, the single currency may flirt again with parity. Otherwise, 0.9680 is a fresh support should the pair start to drift lower.

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