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EUR/USD keeps the 1.2650 area

FXStreet (Edinburgh) - The shared currency trades almost unchanged from yesterday’s close on Friday, taking EUR/USD to the 1.2655/50 band.

EUR/USD further consolidation ahead?

Lack of events and relevant releases plus the weekend lull plot against any big movement in either direction in the pair today, which remains well poised for a continuation of the recent consolidative pattern. Nothing of note data wise in the euro area, with only the German Gfk Consumer Confidence Survey coming in at 8.5 for the month of October, surpassing both September’s 8.4 and consensus at 8.0; further data showed a worsening reading from Italian retail sales, contracting 3.1% on a year to August. “The low of 1.2616 yesterday held well above the strong support at 1.2600/05. The current movement is likely part of a consolidation phase. Expect sideway trading, likely between 1.2615 and 1.2685”, noted strategists at UOB Group.

EUR/USD levels to watch

As of writing the pair is gaining 0.02% at 1.2650 facing the next up barrier at 1.2676 (high Oct.23) ahead of 1.2689 (21-d MA) and then 1.2740 (high Oct.22). On the flip side, a breakdown of 1.2614 (low Oct.23) would open the door to 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7).

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