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EUR/USD climbs back above 1.2600

FXStreet (Córdoba) - The US dollar is giving up some of its Fed inspired gains Thursday, with the release of better-than-expected US GDP revision giving only a short-lived boost to the currency.

EUR/USD moved lower as knee-jerk reaction to GDP figures and printed a fresh 4-week low of 1.2547 before staging a modest recovery that led the pair back above 1.2600. EUR/USD reached a session high of 1.2613 but lost steam and it is currently trading just above the 1.26 mark, still 0.23% below its opening price.

EUR/USD levels to watch

Should EUR/USD hold up above 1.2600, it could find next resistances at 1.2638 (daily high), and 1.2653 (Oct 29 high) ahead of 1.2690 (10-day SMA). On the other hand, supports are seen at 1.2547 (daily low), 1.2508 (Oct 6 low) and 1.2500 (2014 low Oct 3).

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