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EUR/USD keeps highs near 1.2670

FXStreet (Edinburgh) - The upbeat sentiment remains intact around the common currency on Thursday, with EUR/USD clinging to session tops around 1.2670.

EUR/USD boosted by PMIs

The pair managed to leave behind the 1.2620 band today following auspicious results from the manufacturing PMIs in both Germany and the EMU, coming in above consensus and leaving the door open for a continuation of the recovery in the region. The results surprised investors, as further weakness from these indicators was expected. According Quek Ser Leang, Market Strategist at UOB Group, “the sharp drop that started from the high of 1.2840 on Tuesday is backed by strong downward momentum and the current EUR weakness is expected to extend towards the major support at 1.2600/05. Expect any rebound to hold below 1.2690”.

EUR/USD levels to consider

At the moment the pair is up 0.10% at 1.2664 and a breakout of 1.2693 (21-d MA) would open the door to 1.2725 (10-d MA) and finally 1.2740 (high Oct.22). On the flip side, the immediate support aligns at 1.2605 (low Oct.10) ahead of 1.2583 (low Oct.7) and then 1.2504 (low Oct.6).

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