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EUR/USD challenges 1.2500

FXStreet (Edinburgh) - The shared currency is now putting the 1.2500 support to the test once again, with EUR/USD coming down from previous peaks near 1.2530.

EUR/USD focus on ECB

Spot is now giving away some of the initial gains, as sellers and the USD strength seem to back after the European open. Despite sporadic bullish attempts, the EUR undertone remains offered ahead of today’s ECB meeting, with consensus expecting Draghi to shed more light regarding the recent ECB measures, mainly after recent rumours questioning his leadership in front of the European Central Bank. Strategists at UOB Group assessed “Because of the BoJ’s surprise, this has led to speculation of easing by the ECB. However, we do not expect any new easing measures since the ECB is still waiting to see how its two recent measures, the TLTROs or the ABS-program, are picked up by market participants in the coming weeks”.

EUR/USD levels to watch

The pair is now up 0.19% at 1.2507 with the next resistance at 1.2577 (high Nov.4) ahead of 1.2591 (10-d MA) and then 1.2596 (200-h MA). On the downside, a break below 1.2439 (low Nov.3) would expose 1.2431 (low Aug.22 2013) and then 1.2342 (low Aug. 21 2013).

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