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EUR/USD flat-lining around 1.2470

FXStreet (Edinburgh) - The single currency is trading on a positive mood on Tuesday, with EUR/USD around 1.2470 after dropping to lows near 1.2440.

EUR/USD focus on German ZEW

Spot is recovering from yesterday’s pullback albeit at a snail-pace, while market participants wait for the German/EMU ZEW Survey due later. Market consensus expects better results in general, with the key the Economic Sentient to come in at 0.5 for the month of November from -3.6 in the previous month. In the US economy, Producer Prices and the Housing Market index tracked by NAHB will be in the limelight. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are mixed now, adding “the MACD has shifter into buy territory and spot has failed to break to a fresh low. Support lies at 1.2400; resistance comes in at 1.2580”.

EUR/USD key levels

The pair is now advancing 0.18% at 1.2473 with the next resistance at 1.2507 (hourly high Nov.7) ahead of 1.2547 (21-d MA) and then 1.2580 (high Nov.17). On the flip side, a breakdown of 1.2457 (200-h MA) would open the door to 1.2445 (low Nov.17) and finally 1.2398 (low Nov.14).

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Alex Rudolph, Analyst at Commerzbank notes Bund futures rose above the 151.97/152.00 yesterday, and that the current November high at 152.08 is the last defense for the next key resistance.
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The sterling is following the broader sentiment around the risk-associated assets on Tuesday, taking GBP/USD to the mid-1.5600s...
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