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EUR/USD fades the spike to 1.2580

FXStreet (Edinburgh) - A bout of risk appetite boosted EUR/USD back to test the 1.2580 area on Thursday, although the bull run lost impetus after the German releases.

EUR/USD back to session highs

Spot seemed to be recovering its shine soon after the opening bell in Euroland, climbing to fresh intraday peaks in the boundaries of 1.2580. However, the German PMIs surprised investors to the downside, dropping to 50.0 and 52.1 in its manufacturing and services gauges, respectively. Previous data in the region have seen German Producer Prices contracting 0.2% inter-month and 1.0% on a yearly basis while the French PMI showed mixed results: the manufacturing gauge came in at 47.6 vs. 48.5 previous and the services reading advanced to 48.8 from 48.3.

EUR/USD levels to consider

As of writing the pair is losing 0.02% at 1.2540 with the immediate support at 1.2513 (low Nov.19) ahead of 1.2487 (10-d MA) and finally 1.241 (200-h MA). On the upside, a breakout of 1.2596 (30-d MA) would aim for 1.2602 (high Nov.19) and then 1.2614 (low Oct.23).

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