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EUR/USD (intraday): Upside prevails

EUR/USD shot up on Wednesday only to give back the majority of the gains in the afternoon of the New York based trading, as traders form across the Atlantic sold off the stock market and rushed into the bond market pushing the US Dollar higher. At 1.2750 at the time of writing the bulls are dragging the pair further following the release of a stronger than expected German GDP figure. After having rebounded on its new support and with the RSI turning up, the pair looks set to post further advances. A break above 1.279 would expose the 1.2825 area. We should keep in mind though that EUR/USD is in a strong negative trend in the long-term, where any upside potential could also ne seen as a good buying opportunity. Key resistance level for the bears to watch sits at 1.2825. All eyes will be focused on the Eurozone GDP at 10.00 am GMT. It looks like the single currency will likely need a particularly disappointing region-wide GDP figure to yield significant bearish follow-through.

Dafni Serdari
Market Analyst
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