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EUR/USD back above 1.2650

FXStreet (Edinburgh) - The shared currency is back to the positive territory on Thursday, pushing EUR/USD back above 1.2650.

EUR/USD limited at 1.2680

Quite a choppy session for the pair so far, finding buying interest around 1.2620 although the bullish attempts have stalled ahead of 1.2680. The demand for the EUR remains subdued despite the positive surprises from today’s manufacturing PMIs in Germany and EMU, as the bearish tone post-ECB rumours are still hovering over the markets. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “EUR has traded in a 1.2501 to1.2886 range for a full month; it is likely that a catalyst will be need to break it out of this range.We expect a slow trend lower in EUR, closing the year at 1.2500 and next at 1.2100”.

EUR/USD key levels

At the moment the pair is up 0.04% at 1.2656 and a breakout of 1.2694 (21-d MA) would open the door to 1.2726 (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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