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by ForexNewsNow Team on August 17, 2010

Euro falls against dollar, retreating from 3-day high

NEW YORK (Forex News Now) – The euro fell against the U.S. dollar on Wednesday, retreating from a 3-day high, as FX traders digested a slew of generally upbeat data from the United States.

In European morning currency trading, EUR/USD struck 1.2848, down 0.29 percent on the day, after falling from Tuesday’s high of 1.2916.

On Tuesday, the U.S. posted upbeat data on industrial production and capacity utilization, as well as solid reports on the housing market.

According to forex analysis, EUR/USD was likely to touch immediate support around the low of July 21, 1.2732, and encounter resistance around last Thursday’s high, 1.2932.

The euro’s earlier gains came after Irish and Spanish debt auctions on Tuesday attracted strong demand and quelled fears over the pressure on costs of funding for heavily indebted euro zone countries.

Elsewhere, the euro fell slightly versus sterling: EUR/GBP traded at 0.826, down 0.07 percent.

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