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EUR/USD keeps near 1.2400 post-IFO

FXStreet (Edinburgh) - The common currency kept the composure after the German IFO, with EUR/USD trading in the proximities of 1.2400 the figure.

EUR/USD now looks to the US docket

The pair remains within the intraday range after the German IFO indicator surprised markets to the upside for the month of November, with all of its components surpassing both estimates and October’s prints. The data add to the recent auspicious results from the German ZEW Survey and the improvement in the consumer confidence in the region, in spite of the softer-than-expected PMIs from the manufacturing and services sectors. Strategists at UOB Group noted “the unexpected plunge in EUR appears incomplete and another leg towards 1.2340 is likely before a recovery. Only a move back above 1.2415 would indicate that a rebound is under way”.

EUR/USD key levels

At the moment the pair is losing 0.02% at 1.2389 with the immediate support at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2300 (psychological handle). On the flip side, a break below 1.2482 (10-d MA) would aim for 1.2525 (21-d MA) and then 1.2589 (30-d MA).

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