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EUR/USD bolstered by data

FXStreet (Edinburgh) - The common currency is now inching higher on Friday, with EUR/USD now hovering over 1.2470/75.

EUR/USD muted post-data

The pair posted no reaction after consumer prices in the euro area rose 0.4% on a year to October, matching consensus and up from September’s 0.3% gain; Core prices advanced 0.7% on a yearly basis vs. 0.8% previous. Further data showed the flash GDP for the third quarter expanded 0.2% QoQ and 0.8% over the last twelve months, surpassing forecasts at 0.1% and 0.7%, respectively. Karen Jones, Head of FICC Technical Analysis at Commerzbank, observed, “Longer term this would have no impact on the underlying bear trend and we continue to target the 200 month ma at 1.2225”.

EUR/USD key levels

At the moment the pair is losing 0.18% at 1.2455 with the next support at 1.2419 (low Nov.12) ahead of 1.2394 (low Nov.11) and then 1.2358 (low Nov.7). On the flip side, a breakout of 1.2499 (high Nov.11) would expose 1.2509 (high Nov.10) and finally 1.2533 (high Nov.6).

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