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EUR/USD firmer around 1.2550

FXStreet (Edinburgh) - The buying interest seems to have returned to the common currency now, pushing EUR/USD back to the mid-1.2500s.

EUR/USD extends the rebound

Spot keeps inching higher today, putting further distance from last week’s troughs around the key support at 1.2400. Despite the current sentiment favouring the greenback, the pair manages to spike to the 1.2550 neighbourhood, although it will remain vulnerable in light of the FOMC minutes due in the European evening. “The current rally is gaining momentum and further up-move towards Monday’s high near 1.2575 is likely. Only a move back below 1.2495/00 would indicate that the current upward pressure has eased”, noted Quek Ser Leang, Market Strategist at UOB Group.

EUR/USD key levels

The pair is now advancing 0.08% at 1.2545 with the next resistance at 1.2580 (high Nov.17) ahead of 1.2614 (low Oct.23) and then 1.2617 (high Oct.31). On the downside, a breach of 1.2470 (200-h MA) would open the door to 1.2442 (low Nov.17) and finally 1.2398 (low Nov.14).

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