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EUR/USD gearing up for 1.2600?

FXStreet (Edinburgh) - The shared currency is extending its intraday advance on Monday, pushing EUR/USD closer to the 1.2600 key handle.

EUR/USD trimming Friday’s pullback

Spot continues to regain terrain lost after the sharp sell-off on Friday, following the strong report from the US labour market (248K). The EUR paid no attention to today’s softer releases from German Factory Orders and the Sentix index, advancing against a backdrop of generalized USD weakness. According to Camilla Sutton, Chief FX Strategist at Scotiabank, short term technicals remain bearish, adding, “studies all warn of downside pressure. Support lies at1.2501 (Friday’s low); resistance at Friday’s open of 1.2669”.

EUR/USD levels to watch

As of writing the pair is up 0.49% at 1.2579 with the next resistance at 1.2676 (high Oct.3) followed by 1.2699 (high Oct.2) and finally 1.2703 (10-d MA). On the downside, a breach of 1.2502 (76.4% of 1.2042-1.3995) would expose 1.2493 (low Aug.31) and then 1.2487 (low Aug.30).

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