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EUR/USD gearing up for 1.2500

FXStreet (Edinburgh) - A bout of risk-on trade is now lifting EUR/USD to post fresh session highs beyond the 1.2490 level on Tuesday.

EUR/USD on its way to 1.2500?

The renewed sentiment towards the risk appetite is behind the current bullish attempt, with spot now surpassing 1.2480 and trading closer to the critical barrier at 1.2500. The pair is thus recovering the ground lost on Monday, dropping from tops near 1.2520 to sub-1.2400 levels during this morning in Euroland. According to Shaun Osborne, Chief FX Strategist at TD Securities, “The underlying trend still looks quite powerfully bearish and there is a broad band of congestion between the low 1.26s and upper 1.27s… More broadly, there is little in the way of a drop to 1.20 and bearishly-aligned, longer-term trend studies suggest that is where we are heading sooner or later”.

EUR/USD levels to watch

The pair is now up 0.54% at 1.2488 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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