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EUR/USD deflates from 1.2840

FXStreet (Edinburgh) - The upside in the common currency is now running out of steam, with EUR/USD returning to the 1.2815/10 band after session highs around 1.2840.

EUR/USD keeps above 1.2800

In spite of the current pullback from session tops, the pair is succeeding in keeping the trade above the 1.2800 handle, against a backdrop of scarce data releases and events in the euro zone. Spot is taking advantage from the positive results from the Chinese docket, showing that the economy expanded at an annual pace of 7.3% during the third quarter, surpassing previous estimates. “Near term, EUR/USD is likely to consolidate on weaker US data and positioning where we expect that 1.30/1.31 will provide strong resistance”, suggested Thomas Harr, Chief Analyst at Danske Bank.

EUR/USD levels to consider

At the moment the pair is up 0.10% at 1.2812 with the next resistance at 1.2838 (high Oct.21) followed by 1.2645 (high Oct.16) and finally 1.2887 (high Oct.15). On the other hand, a break below 1.2789 (low Oct.21) would aim for 1.2750 (10-d MA) and then 1.2731 (low Oct.20).

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