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EUR/USD sidelined, dull, around 1.2460

FXStreet (Edinburgh) - Nothing has changed. Nothing new around the single currency so far, with EUR/USD hovering over 1.2460/65 in the European evening.

EUR/USD waiting for catalysts

Spot keeps meandering around 1.2400 and 1.2500 on Wednesday, looking for catalysts to finally break the ongoing dullness either way. Looking ahead, tomorrow’s session already looks more interesting, as Retail Sales and Industrial Production in China are expected in the Asian trading hours, preceding inflation figures in Germany, Spain and Italy; across the pond, Initial Claims are also due (280K exp.). In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect EUR to trend lower, but at a more moderate pace, holding a year-end target of 1.21 and a 2016 year-end target of 1.17”.

EUR/USD key levels

The pair is now losing 0.25% at 1.2443 and a break below 1.2430 (low Nov.12) would expose 1.2394 (low Nov.11) and then 1.2358 (low Nov.7). On the upside, the immediate resistance lines up at 1.2484 (10-d MA) ahead of 1.2499 (high Nov.11) and finally 1.2509 (high Nov.10).

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