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EUR/USD treading water around 1.2650

FXStreet (Edinburgh) - EUR/USD continues to wobble either side of 1.2650 in the last part of the US session.

EUR/USD surrenders weekly gains

After two consecutive weeks of gains and a fresh peak in the boundaries of 1.2900 the figure (October 15th), the pair is closing the present week with losses, accentuated after the ECB rumours hit the markets on Tuesday. The positive readings from September’s manufacturing PMIs plus a better than expected consumer confidence in the region failed to bring in the necessary spark, leaving spot navigating adrift. There are no scheduled data or events for tomorrow in the euro area, with only New Home Sales expected across the Atlantic. In the view of analysts at BTMU, “Building investor expectations for further ECB monetary easing are more likely to remain a weight on the euro in the near-term. A break below key support at the 1.2500-level would likely be required to signal renewed downward momentum for the euro”.

EUR/USD key levels

At the moment the pair is down 0.03% at 1.2646 and a break below 1.2605 (low Oct.10) would aim for 1.2583 (low Oct.7) and then 1.2504 (low Oct.6). On the other hand, the immediate hurdle lines up at 1.2694 (21-d MA) ahead of 1.2726 (10-d MA) and finally 1.2740 (high Oct.22).

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