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EUR/USD capped around 1.2540

FXStreet (Edinburgh) - The bid tone around the euro remains unchanged on Tuesday, bolstering the upside in EUR/USD to the current 1.2530/35 band.

EUR/USD firm after EMU data

The pair started the session on the right footing following the offered tone around the greenback. Subsequent positive readings from the German/EMU ZEW Survey for the month of November gave the pair extra oxygen and allowed the spike to intraday peaks in the 1.2540 neighbourhood, although a break above it still remains elusive for EUR-bulls. “We expect EUR to trend lower, but at a more moderate pace; holding a Q4 2015 target of 1.21 and a Q4 2016 target of 1.17”, suggested Camilla Sutton, Chief FX Strategist at Scotiabank.

EUR/USD key levels

The pair is now advancing 0.68% at 1.2534 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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