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EUR/USD holding on above 1.2600

FXStreet (Edinburgh) - EUR/USD is looking to consolidate the recent break above 1.2600 the figure, despite coming down from recent peaks above 1.2630.

EUR/USD now looks to EMU’s CPI

With the US GDP and the FOMC meeting in the rear mirror, market participants will now turn their attention to tomorrow’s critical advanced inflation figures in the euro area. Previous estimates expects consumer prices to have risen at an annual pace of 0.4% during October, while core prices are expected at 0.8% YoY. In the meantime, spot managed to bounce off the mid-1.2500s area posted in the aftermath of the FOMC meeting to the boundaries of 1.2640, although the recovery lost legs afterwards. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect EUR to trend lower over time, holding a 2014 year end of 1.25 and a 2016 year-end target of 1.21”.

EUR/USD key levels

The pair is now losing 0.14% at 1.2614 and a breach of 1.2545 (low Oct.30) would target 1.2504 (low Oct.6) en route to 1.2501 (2014 low Oct.3). On the upside, the initial hurdle aligns at 1.2639 (high Oct.30) followed by 1.2692 (21-d MA) and finally 1.2770 (high Oct.29).

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GBP/USD flew above 1.6000, but it was forced to land

The Sterling bounced off intraday lows around 1.5950 against the US dollar and after rising 90 pips GBP/USD broke above 1.6000 and reached daily high at 1.6040. However the pair failed to maintain levels and currently is trading back to 1.6200.
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