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EUR/USD back to 1.2470

FXStreet (Edinburgh) - The common currency is gathering traction again in the European evening, now lifting EUR/USD back to the 1.2475/80 band.

EUR/USD looks to US calendar on Wednesday

Absent a relevant docket in the euro area on Wednesday, market participants will turn their attention to the larger than usual data releases in the US economy due to the Thanksgiving Day holiday on Thursday. To the usual weekly report on the labour market, we have to add October’s Durable Goods Orders (headline -0.6% exp.), Personal Income/Spending and the Reuters/Michigan index, amongst the more significant ones. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “The focus from here is Thursday’s appearance by President Draghi followed by Friday’s flash CPI release. We expect EUR to trend lower, albeit at a slower pace than the 12% drop since mid-May”.

EUR/USD key levels

At the moment the pair is advancing 0.28% at 1.2477 and a break above 1.2500 (21-d MA) would expose 1.2569 (high Nov.21) ahead of 1.2600 (psychological level). 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 1.2295 (low Aug.20 2013).

AUD/USD bears lining up and lick lips

AUD/USD is trading at 0.8531, down -0.95% on the day, having posted a daily high at 0.8621 and low at 0.8514.
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