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EUR/USD unmotivated around 1.2430

FXStreet (Edinburgh) - The shared currency remains locked with a very narrow range on Tuesday, with EUR/USD gyrating around the 1.2430 area.

EUR/USD looking for catalysts

The pair remains in the red territory on Tuesday, posting marginal losses ahead of the key releases in the US economy: advanced Q3 GDP Annualized and the Consumer Confidence. Market consensus expects the economy to have expanded at 3.3% on a yearly basis during the third quarter, while the confidence gauge would have improved to 96.0 in November from 94.5. “Expect the pair to continue to ply recent ranges with the 1.2400 support we think still looking conspicuous”, suggested Emmanuel Ng, FX Strategist at OCBC Bank.

EUR/USD key levels

At the moment the pair is losing 0.07% at 1.2433 with the next support at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2295 (low Aug.20 2013). On the upside, a break above 1.2477 (10-d MA) would aim for 1.2501 (21-d MA) and then 1.2569 (high Nov.21).

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