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EUR/USD ready for 1.2700?

FXStreet (Edinburgh) - The single currency is gathering pace on Monday, lifting EUR/USD to another test of the 1.2685/90 band.

EUR/USD focus on US docket

Traders seem to have shrugged off the disappointment after the IFO figures for the month of October, pushing spot back to the upper-1.2600s after dropping to sub-1.2670 levels. Ahead in the session, Pending Home Sales (0.5% MoM exp.) and Services PMI (58.0 exp.) gauged by Markit will be in the limelight across the Atlantic. Senior Analyst Jens Pedersen at Danske Bank, argued, “We expect the recent high at 1.2885 to be protected and clients should use a bounce in EUR/USD ahead of that level as an opportunity to establish fresh shorts. In the medium to long term, the stress-test results support our call for a recovery in the euro zone in 2015 and hence for a rebound in EUR/USD”.

EUR/USD relevant levels

The pair is now up 0.16% at 1.2691 with the next resistance at 1.2723 (10-d MA) followed by 1.2730 (200-h MA) and finally 1.2740 (high Oct.22). On the downside, a break below 1.2635 (low Oct.24) would expose 1.2614 (low Oct.23) and then 1.2605 (low Oct.10).

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