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EUR/USD regains 1.2480

FXStreet (Edinburgh) - The shared currency is picking up pace again, pushing EUR/USD back to the 1.2480/85 area after dropping near 1.2440.

EUR/USD down from the 1.2500 area

After climbing to the 1.2500 region early in the European morning, spot deflated to test session lows around 1.2440, following the erratic mood around the greenback. Ahead in the session, the US docket will be key in determining the price action in the very near term, as Durable Goods Orders, Initial Claims and New Home Sales are all due amongst other relevant releases. “Near term rallies are indicated to terminate circa 1.2490. The short term downtrend lies at 1.2542. Key short term resistance is the 1.2600/14 zone – last weeks high and October 10 and 23 lows”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/USD key levels

At the moment the pair is up 0.03% at 1.2481 and a break above 1.2505 (low Nov.20) would expose 1.2560 (30-d MA) ahead of 1.2569 (high Nov.21). On the flip side, the immediate support lines up at 1.2402 (low Nov.25) followed by 1.2358 (2014 low Nov.7) and finally 1.2342 (low Aug.21 2012).

Constancio weighs on EUR – TDS

The TD Securities Research Team note that the EUR/USD pair is trading lower in the NA session due to ECB Vice President Constancio’s comment on the possibility of the ECB buying sovereign bonds in the secondary market.
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CAD is flat with the market watching the OPEC meetings closely – Scotiabank

Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that CAD was flat to yesterday’s close into the NA open, and anticipates it to trend higher over the medium term on the back of relative growth, and the impact of Oil prices.
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