EUR/USD rose to a high of 1.2666 during the European session, but failed to sustain gains and pulled back, dropping to a low of 1.2606. At time of writing, EUR/USD is quoting at the 1.2610 area, down 0.4% on the day.
From a technical view, Valeria Bednarik, analyst at FXstreet.com, notes that below 1.2610, the bearish run may extend near 1.2570, 23.6% retracement of this year fall and strong static support level: "buyers will likely surge in that area, pushing price back above 1.2600 if reached. Lose of 1.2570, should signal further slides with price then looking for a test of the 1.2520 price zone", said the analyst. "From current levels, only above 1.2680, the pair can regain upward momentum and extend its rally near 1.2745 past June high".