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EUR/USD challenges highs around 1.2530

FXStreet (Edinburgh) - The better tone continues to prevail around the euro, with EUR/USD now attempting a visit of earlier tops near 1.2540.

EUR/USD better post-US data

The pair kept the composure after US Producer Prices surprised to the upside, rising above consensus 1.5% on a year to October and 0.2% inter-month. Core prices followed suit, up 0.4% on a monthly basis and 1.8% over the last twelve months. Next of note in the US docket will be the NAHB index (55 exp.) and the Net Long-Term TIC Flows. Recall that a weaker tone from the US dollar and auspicious results from the German/EMU ZEW Survey remain bolstering the pair, which is now extending its breakout of 1.2500 the figure.

EUR/USD key levels

The pair is now advancing 0.64% at 1.2531 with the next resistance at 1.2550 (21-d MA) followed by 1.2580 (high Nov.17) and then 1.2614 (low Oct.23). 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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