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EUR/USD recovery capped at 1.2680

FXStreet (Edinburgh) - Sellers seem to have clustered around the 1.2680 level now, capping the recent upside attempts of EUR/USD.

EUR/USD consolidation ahead?

Spot looks poised to initiate a consolidative pattern at current levels, as the lack of volatility and catalysts look to extend well into the NA session. A stronger US dollar across all fronts plus another worrisome readings from indicators in Euroland plots against any recovery attempt so far. In light of today’s string of poor EMU data, Chief FX Strategist at Scotiabank Camilla Sutton commented “The fundamental deterioration in the outlook forthe Eurozone is concerning”, adding at the same time “technical EUR signals are still providing a conflicting outlook, suggesting there is better risk reward elsewhere. Support lies at the recent low of 1.2501 while resistance is at 1.2800”.

EUR/USD levels to watch

At the moment the pair is retreating 0.74% at 1.2657 with the next support at 1.2640 (low. Oct.14) followed by 1.2605 (low Oct.10) and then 1.2583 (low Oct.7). On the upside, a breakout of 1.2770 (high Oct.14) would aim for 1.2791 (high Oct.9) and finally 1.2802 (30-d MA).

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