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EUR/USD found support at 1.2530

FXStreet (Edinburgh) - The single currency is now retreating from intraday peaks near 1.2570, although the correction lower in EUR/USD found buyers around 1.2530.

EUR/USD firm ahead of the FOMC minutes

Spot manages to keep the trade above the 1.2500 handle, as traders turn their focus on the critical FOMC minutes due later. The pair is extending the weekly rebound from the 1.2440 region, advancing for the second consecutive session and on track to challenge last week’s tops near 1.2580. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “the broader outlook is still weighed down by the outlook for relative growth, monetary policy, sentiment and flows. Accordingly, our base case is that EUR trends lower in 2015 but at a slower pace than the May to November 12% drop. We hold a 2015 year-end target of 1.21 and a 2016 year-end target of 1.17”.

EUR/USD key levels

The pair is now advancing 0.11% at 1.2549 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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