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EUR/USD eyes 50-DMA
Today’s economic calendar is a little on the thin side, but arguably an absence of European data is a good thing as it has tended to be negative. Although not whole heartedly convincing, EUR/USD has spent most of October heading higher and is once again not far off its 50-day moving average.
Overnight China has posted better-than-expected GDP figures which should keep equity traders happy, and avoid any undue negativity spreading to the currency markets. The sovereign debt market also looks to have calmed down albeit without the Greek ten-year debt falling back below the 7% level.
The first target on the horizon for EUR/USD is the $1.2850 50-day moving average and then more optimistically the $1.30 level.