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Forex: EUR/USD backs away from highs

The euro weakened and pulled back from session highs ahead of the NY opening, after French President Hollande called for medium-term EUR exchange targets. Also weighing on the EUR/USD is EUR/CHF which sank in the wake of SNB's Zurbruegg saying negative rates 'not on the cards'.

EUR/USD retreated from highs around 1.3565/70 back to the 1.3510 zone within the last hours, but the 20-hour SMA helped to contain the downside. At time of writing, EUR/USD is trading at the 1.3525 area, still up 0.1% on the day.

As for technical levels, on the downside immediate supports could be found at 1.3500 (psychological level), 1.3460 (23.6% retracement of 1.2660/1.3710 rally/intraday low) and 1.3415 (low Jan 29). On the upside, resistances are seen at 1.3580/1.3600 (20 SMA in 4-hour chart/psychological level), 1.3660 (high Feb 4) and 1.3700/10.

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