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EUR/USD flirting with 1.2800

FXStreet (Edinburgh) - The common currency is hovering over the 1.2800 handle on Monday, with EUR/USD regaining ground after dipping to sub-1.2740 levels overnight.

EUR/USD improves on better risk sentiment

The pair continues to inch higher at the beginning of the week, bolstered by the upbeat tone in the risk-associated universe. Moving forwards to tomorrow’s docket, the most relevant releases will come from the Chinese economy, with Q3 GDP figures, Industrial Production and Retail Sales. Across the pond, Existing Home Sales will be in the spotlight (5.10M exp.). Camilla Sutton, Chief FX Strategy at Scotiabank, suggested “the technical outlook for EUR has shifted, with some signals turning bearish again. Accordingly there is likely better risk/reward elsewhere. Support lies at last Wednesday’s low of 1.2625 and resistance comes in at Wednesday’s high of 1.2886”.

EUR/USD levels to consider

As of writing the pair is up 0.26%at 1.2793 and a break above 1.2845 (high Oct.16) would open the door to 1.2853 (23.6% of 1.3995-1.2501) and finally 1.2887 (high Oct.15). On the downside, the initial support lines up at 1.2732 (10-d MA) ahead of 1.2715 (21-d MA).

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