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EUR/USD keeps highs around 1.2750

FXStreet (Edinburgh) - The upside momentum is gathering pace around the common currency on Tuesday, with EUR/USD hovering over session highs around 1.12750/60.

EUR/USD stronger after data

Spot has been boosted following disappointment results from the US Durable Good Orders, with both headline and core measures coming in below expectations during September. The pair is now confirming the break above 1.2700 the figure and reverting part of last week’s pullback, although cautiousness is set to prevail ahead of tomorrow’s FOMC statement. Analysts at TD Securities assessed “Price action has not signaled a bullish turn up or reversal on the daily patterns so we rather think gains above 1.2795/00 (40-day MA at 1.2795) are needed to signal a push towards 1.30. Below support in the low 1.26s will signal renewed weakness”.

EUR/USD levels to watch

At the moment the pair is advancing 0.28% at 1.2747 with the next hurdle at 1.2784 (hourly high Oct.21) ahead of 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the flip side, a break below 1.2665 (low Oct.27) would open the door to 1.2656 (61.8% of 1.2614-1.2723) and finally 1.2635 (low Oct.24).

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