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The EUR/USD pair has halted its decline, setting a new September low around 1.3679 near the round level of 1.3700, as bears are showing caution ahead of the important meeting between US President Donald Trump and his Chinese counterpart, Xi Jinping.
At the same time, the US dollar has slowed its advance after significant gains the previous day, when it reached a two-month high. This is providing some support for the EUR/USD pair. However, against the backdrop of growing expectations of another interest-rate hike by the US Federal Reserve by the end of the current year, as well as geopolitical uncertainty, the dollar remains in a favorable position. The single currency is also being undermined by political instability in Germany, indicating that the path of least resistance for this currency pair remains downward.
The nearest support is the 1.1370–1.1353 level. The annual low around 1.1322, established in June, may provide support before the round level of 1.1300. If this level is broken, the EUR/USD pair risks suffering deeper losses.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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