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EUR/USD recovers beyond 1.2800

FXStreet (Edinburgh) - The single currency now managed to surpass the 1.2800 handle, pushing EUR/USD back to the 1.2815/20 area.

EUR/USD breaks above 1.2750

Spot was able to leave behind the congestion in the mid-1.2700s on Thursday, gathering pace despite the very auspicious data from the US docket earlier on and advance above the key 1.2800 mark. There are no scheduled events ahead in the session, leaving the pair to the mercy of the risk trends. Camilla Sutton, Chief FX Strategist at Scotiabank argued the pair’s technicals remain mixed in the short term, “with some studies warning of upside risk, like the MACD and others warning of downside risk. This suggests that there is better risk/reward elsewhere for short-term traders”.

EUR/USD key levels

As of writing the pair is losing 0.23% at 1.2806 and a breakdown of 1.2724 (21-d MA) would target 1.2705 (low Oct.16) en route to 1.2693 (10-d MA). On the flip side, the initial hurdle lines up at 1.2853 (23.6% of 1.3995-1.2501) ahead of 1.2887 (high Oct.15) and finally 1.2901 (high Sep.23).

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