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EUR/USD Takes a Breather

Traders took profit in the euro after the ECB raised its interest rates by 75 basis points as expected. A rally back to parity indicates strong interest in defending the historical exchange level. The price hit resistance at 1.0090 near September’s high (1.0200) and the current drawdown would allow the bulls to take a breather. 0.9940 from a previous breakout is the closest area to expect renewed buying as the RSI swung into the oversold area. A bullish breakout could lead to an extended recovery in the days to come.

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