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EUR/USD choppy, around 1.2480

FXStreet (Edinburgh) - The single currency is now attempting another assault to the 1.2475/80 band, lifting EUR/USD from the mid-1.2400s.

EUR/USD keeps consolidating above 1.2400

The pair found decent support in the 1.2400/1.2390 band on Wednesday, correcting lower from weekly tops around 1.2510. Lack of relevant catalyst in the euro area plus the generalized directionless in the broader markets left spot to the mercy of the risk trends, although managing very well to keep the trade above the 1.2400 handle so far. Moving forward to Friday’s calendar, Chinese New Loans figures and M2 Money Supply will initially set the tone of the risk appetite. Later on in Euroland, the EUR will be in the spotlight, as PIB results for the third quarter are due in France, Germany, Italy and the EMU. Across the Atlantic, Retail Sales and the Consumer Sentiment gauged by the Reuters/Michigan index will grab all the attention. Currency Analyst Eric Theoret at Scotiabank argued the short term technicals remain bearish, adding “caution warranted as bearish momentum indicators have failed to make new lows in tandem with spot, providing for positive divergence. Focus on the 9-day MA (1.2460) for clues hinting to potential upside. Last Thursday’s close at 1.2375 remains the key downside level to watch”.

EUR/USD key levels

The pair is now up 0.35% at 1.2480 with the next resistance at 1.2499 (high Nov.11) followed by 1.2509 (high Nov.10) and then 1.2533 (high Nov.6). On the flip side, a breach of 1.2419 (low Nov.12) would expose 1.2394 (low Nov.11) and finally 1.2358 (low Nov.7).

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