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EUR/USD pushes to highs beyond 1.2470

FXStreet (Edinburgh) - The shared currency is now looking to break above the 1.2440 area, lifting EUR/USD to the boundaries of 1.2470.

EUR/USD firmer after CPI data

The pair is trading on a firmer footing after consumer prices from Germany, France, Italy and Spain matched expectations ahead of tomorrow’s critical release of the EMU’s final CPI for the month of October. Ahead in the session, the only release of note will be US Initial Claims, expected at 280K in the week ended on November 7th. “EUR/USD though is unlikely to muster anything more than a short term bounce that should fail ahead of 1.26”, noted Strategist Richard Franulovich at Westpac.

EUR/USD key levels

The pair is now up 0.28% at 1.2470 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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