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EUR/USD back near 1.2500

FXStreet (Edinburgh) - The EUR/USD upside seems to have run out of legs in the 1.2530/35 band on Wednesday, now giving away some gains towards the 1.2500 handle.

EUR/USD buoyed by US data

Disappointing docket in the US economy prompted USD-sellers to take over the markets during the European afternoon, allowing spot to test the upper bound of the range beyond 1.2530. However, and in line with recent EUR spikes, the up move was short lived, sending the pair back to visit the 1.2500 neighbourhood. Camilla Sutton, Chief FX Strategist at Scotiabank, argued the short term technicals remain mixed, “with conflicting technical signals and a somewhat range bound trading environment, warns of better risk reward elsewhere. Support lies at Monday’s low of 1.2360 with resistance at Friday’s high of 1.2568; beyond there the four-week range of 1.2358 to 1.2600 provides broader support/resistance levels”.

EUR/USD levels to watch

At the moment the pair is up 0.25% at 1.2509 and a break above 1.2560 (30-d MA) would expose 1.2569 (high Nov.21) and then 1.2575 (high Nov.30). 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).

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