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EUR/USD keeps the narrow range

FXStreet (Edinburgh) - The shared currency is looking to extend its consolidation pattern, with EUR/USD meandering between 1.2680 and 1.2700.

EUR/USD unmotivated below 1.2700

Spot remains unable to break above the 1.2700 handle so far. In the meantime, dullness seems to be taking over markets following the lack of catalysts and leaving spot without the necessary spark to march beyond the 1.2700 mark. According to strategists at Westpac, “The sharp move in yields spreads against EUR/USD has arguably run its course and EUR/USD has bottomed, albeit only for the time being in both cases… EUR/USD may well trade back toward 1.2900 before upside is exhausted”.

EUR/USD levels to watch

At the moment the pair is up 0.41% at 1.2682 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).

USD/JPY holds above 107.05

USD/JPY pulled back from levels around 107.55/60. The decline found support above daily lows and during the last few hours the pair has remained steady moving in a range between 107.40 and 107.15.
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GBP/USD looking for a base here

GBP/USD is trading at 1.6057, down -0.12% on the day, having posted a daily high at 1.6129 and low at 1.6052.
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