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EUR/USD unmotivated around 1.0770

FXStreet (Edinburgh) - The shared currency is extending its consolidative pattern on Monday, taking EUR/USD to the 1.0770 area so far.

EUR/USD firmer on USD-selling

After dropping to test the 1.07 handle post-Non-farm Payrolls, the pair has managed to regain the 1.0765/70 band backed by today’s softer tone around the greenback. However, spot will remain under pressure and hinging on USD-dynamics in light of the increasing likeliness of a Fed’s lift-off in December.

In the data space, German trade surplus came in below expectations in September, while the Sentix index is due later. Across the pond, the Fed’s Labor Market Conditions Index (LMCI) is due later followed by the speech by Boston Fed Rosengren.

EUR/USD levels to watch

As of writing the pair is up 0.25% at 1.0771 facing the next hurdle at 1.0988 (76.4% Fibo of 1.1496-1.0706) followed by 1.1095 (200-day sma) and then 1.1130 (100-day sma). On the other hand, a break below 1.0706 (low Nov.6) would open the doot to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).

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