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Forex - EUR/USD pares gains ahead of debt crisis meeting

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Forexpros - The euro pared gains against the U.S. dollar on Monday, pulling back from an eight-week high ahead a meeting of the European Parliament's economics committee to discuss the sovereign debt crisis in the single currency bloc.

EUR/USD pulled back from 1.4549, the pair's highest since July 5, to hit 1.4508 during European early afternoon trade, up just 0.07% over the day.

The pair was likely to find support at 1.4330, Friday's low and resistance at 1.4649, the high of June 8.

European Central Bank President Jean-Claude Trichet was to appear before MEP's to discuss measures to tackle the region's debt crisis, with common bonds and a stronger euro zone rescue fund likely to feature largely in the debate.

The EU Commissioner for Economic and Monetary Affairs, Olli Rehn, and Luxembourg's Prime Minister Jean-Claude Juncker, who heads the Eurogroup of finance ministers were also to attend the meeting.

Meanwhile, the euro erased gains against the pound, slipping 0.11% to hit 0.8847.

Also Monday, the U.S. was to release industry data on pending home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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