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EUR/USD holding on above 1.2400

FXStreet (Edinburgh) - The lack of a clear direction continues to weigh on the markets on Tuesday, with EUR/USD now gyrating near 1.2420/25.

EUR/USD keeps the range

Despite the apathetic tone in the FX universe, spot is managing well to keep the trade above the 1.2400 handle so far, against the backdrop of an empty docket in the euro region and second-tier releases in the US economy. The pair remains poised for further consolidation, at least in the very near term, as the next relevant publications in the euro area will be the German CPI on Thursday followed by EMU’s CPI/GDP and German GDP on Friday. Market Strategist at UOB Group commented, “The strong resistant at 1.2530 as expected capped the EUR rebound. However, the subsequent drop is likely part of a sideway trading range instead of the start of the next bearish down-leg”.

EUR/USD levels to watch

The pair is now up 0.01% at 1.2424 with the first hurdle at 1.2494 (10-d MA) followed by 1.2499 (Tenkan Sen) and finally 1.2509 (high Nov.10). On the downside, a break below 1.2358 (low Nov.7) would expose 1.2342 (low Aug.21 2012) and then 1.2295 (low Aug.20 2012).

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