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EUR/USD update (10th Aug 2012, 14:00)

After several days of trying to break above the $1.25 level versus the US dollar, the euro has continued to fall back. 

Market-moving news has been thin on the ground for the single European currency of late, but ECB member Christian Noyer's remarks that markets should not doubt the ECB's determination to act and its capacity to take action within the terms of its mandate, have caused the euro to drop back towards $1.23.

Perhaps the comments were viewed in an unsettling light, with the words 'within its mandate' possibly suggesting that not all actions would be open to the bank. Regardless of this, an attempt to break and hold above $1.24 has now been defeated in three separate sessions, suggesting that a target of $1.2150 might be the next stop for EUR/USD. 


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EUR/USD update (10th Aug 2012, 14:00)

After several days of trying to break above the $1.25 level versus the US dollar, the euro has continued to fall back. 

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