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EUR/USD back near 1.2430

FXStreet (Edinburgh) - After hitting session peaks near 1.2450, EUR/USD is now deflating and trading back to the 1.2425/30 band.

EUR/USD remains vulnerable

Spot found extra support today following poor US data releases and the hawkish-perceived appreciations by BuBa’s J.Weidmann regarding the implementation of QE in the euro area. However, critical releases in the US economy on Tuesday will keep the EUR vulnerable, as another revision of the US GDP Annualized during the third quarter (3.3% exp.) is due, followed by the Consumer Confidence in the US economy. In the euro bloc, Germany’s Q3 GDP will be the main event, with consensus pointing to 1.2% YoY.

EUR/USD key levels

At the moment the pair is advancing 0.29% at 1.2428 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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