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EUR/USD moves off lows but lacks momentum

FXStreet (Córdoba) - The EUR/USD extended its decline to fresh daily lows in the wake of soft Eurozone industrial production data but managed to bounce soon after helped by the EUR/GBP rally.

Eurozone industrial production fell by 0.3% in June for a second straight month, versus a 0.3% rise expected, weighing on the shared currency.

The EUR/USD bottomed out at 1.3341 but rebounded reaching the 1.3360 zone before losing steam. At time of writing, the pair is trading at 1.3335, 0.25% below its opening price.

EUR/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes the EUR/USD maintains a short-term bearish technical outlook "while 20 SMA continues to cap the upside in the 1.3370/5 price zone".

"The heavy tone of the pair still favors selling on upward corrections towards mentioned 1.3370/5 area, although a break below 1.3330 should also favor a bearish run, with immediate target at 1.3295, November 2013 monthly low. If this latter gives up, 1.3250 area comes next".

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