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EUR/USD assaulting 1.2650

FXStreet (Edinburgh) - The common currency is now attempting to regain the mid-1.2600s, lifting EUR/USD from the 1.2580/90 band.

EUR/USD hunting for yesterday’s highs

Spot continues to advance on Tuesday, looking to challenge Monday’s peaks in the 1.2680 band and extending the rebound from intraday troughs. No scheduled events in the euro area although speeches by Fed members Kocherlakota and Dudley will grab all the attention later in the US session. “The EUR/USD has broken a key long-term support area of 1.2600-1.2660, but found support at 1.2500… At the same time, the RSI displayed a positive divergence exiting the oversold region and the daily candlestick chart saw a bullish Piercing pattern… These are bullish signals, which may result in a bounce to initially 20-day MA of 1.2780, then 1.3000 and possibly higher”.

EUR/USD levels to watch

As of writing the pair is losing 0.07% en 1.2646 and a breakdown of 1.2504 (low Oct.6) would aim for 1.2501 (2014 low Oct.3). On the flip side, the initial hurdle aligns at 1.2662 (10-d MA) followed by 1.2665 (high Oct.7) and finally 1.2675 (high Oct.6).

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