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EUR/USD dips below 1.2500

FXStreet (Edinburgh) - The shared currency has accelerated its drop vs. the greenback on Monday, now pushing EUR/USD back below the 1.2500 key support.

EUR/USD weaker, down from 1.2540

Spot gave away initial gains after climbing to the 1.2540 neighbourhood in early trade following a softer tone from the USD. However, EUR-bulls could not sustain the initial upside, prompting the current leg lower to the 1.2490/80 band. Next of note in the euro region will be the trade balance figures, ahead of the speech by ECB’s M.Draghi. “Overbought short-term conditions could lead to a pull-back towards 1.2475/80 but 1.2440 is expected to hold for a retest of the 1.2545/50 high”, suggested strategists at UOB Group.

EUR/USD key levels

At the moment the pair is losing 0.25% at 1.2496 and a breach of 1.2474 (10-d MA) would expose 1.2459 (200-h MA) and finally 1.2398 (low Nov.14). On the flip side, the next hurdle lines up at 1.2580 (hourly high Nov.17) ahead of 1.2591 (hourly high Oct.31) and then 1.2614 (low Oct.23).

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