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EUR/USD muted post-German data

FXStreet (Edinburgh) - The single currency keeps the composure on Thursday, with EUR/USD hovering over 1.2440/45 so far.

EUR/USD sidelined around 1.2440

The pair posted no reaction after German inflation figures matched expectations during October, as consumer prices contracted 0.3% inter-month and gained 0.8% over the last twelve months. Continuing with inflation data in the euro area, French, Spanish and Italian CPIs are due next ahead of the ECB Monthly Report. In the view of strategistst at UOB Group, “The failure to move above 1.2500 coupled with the weak daily close suggests that the downward pressure is increasing. Allow for a rebound towards 1.2465/70 but as long as 1.2500 continues to hold, the current weakness could extends towards 1.2395/00”.

EUR/USD key levels

The pair is now up 0.02% at 1.2438 with the next resistance at 1.2484 (10-d MA) ahead of 1.2499 (high Nov.11) and then 1.2509 (high Nov.10). On the flip side, a breach of 1.2430 (low Nov.12) would expose 1.2394 (low Nov.11) and finally 1.2358 (low Nov.7).

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