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EUR/USD pushing higher, 1.2430

FXStreet (Edinburgh) - The single currency extends its upside momentum on Monday, lifting EUR/USD to session highs around 1.2430.

EUR/USD stronger post-US data

The US dollar is losing the grip now, following the softer-than-expected US Services and Composite PMIs gauged by Markit, coming in at 56.3 and 56.1 for the month of November, respectively. The EUR is thus consolidating the breakout of the critical 1.2400 handle, bouncing off overnight lows in sub-1.2380 levels. In the view of Thomas Harr, Chief Analyst at Danske Bank, “We expect EUR/USD to rebound on a six- to 12-month horizon as eurozone deflation risks disappear and the growth differential between the US and eurozone narrows”.

EUR/USD key levels

At the moment the pair is advancing 0.27% at 1.2426 and a breakout of 1.2477 (10-d MA) would aim for 1.2511 (21-d MA) and then 1.2569 (high Nov.21). On the flip side, the initial support aligns at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2300 (psychological handle).

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