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EUR/USD not there… yet

FXStreet (Edinburgh) - The common currency is now looking to consolidate below the key 1.2700 handle, with EUR/USD gyrating around 1.2690/95.

EUR/USD halfway to last week’s tops

Spot remains well poised to challenge the key barrier at 1.2700. However, if the USD weakness persists in the upcoming sessions, the pair might try to re-test recent peaks near the 1.2800 handle. “The break of the support at 1.2640 coupled with the weak daily close last Friday suggests further downside pressure for today. Expect 1.2680 to cap for a retest of the strong support at 1.2600/05 but clear break below this level appears unlikely for now”, noted market analysts at UOB Group.

EUR/USD levels to watch

At the moment the pair is up 0.49% at 1.2693 with the next resistance at 1.2698 (high Oct.13) ahead of 1.2716 (high Oct.10) and then 1.2743 (21-d MA). On the flip side, a breakdown of 1.2638 (200-h MA) would expose 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7).

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