EUR/USD briefly traded above the 1.25 level, but is now back at 1.2480 after the stronger than expected US Non-Manufacturing PMI print. However, the Euro remains well bid and a daily close above 1.25 could pave the way for a further short squeeze towards the 1.2590/1.26 resistance area.
Dealers saw good demand from leveraged names today and note that there are stops in good size through 1.2520.
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