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Forex pairs in this Article » EUR/USD (Edinburgh) -The EUR/USD remained above 1.3600 the figure on Thursday after EMU’s retail sales during the month of August surprised to the upside.

EUR/USD consolidates gains

The pair is navigating a narrow 1.3580/1.3620 range on Thursday so far, keeping the bid tone post-ECB meeting and the Italian events on Wednesday. Adding to the upbeat sentiment, the retail sales in the region advanced at a monthly pace of 0.7%, surpassing the median at 0.2%. Over the last twelve months, sales contracted 0.3%, trimming the negative trend from the previous month. Derek Halpenny, European Head of Global Markets Research at BTMU, assessed, “There may also be a view that the euro is a safer bet than the dollar if risk aversion does intensify due to debt-ceiling uncertainties in the US… There is no reason not to think a grind higher to the 2013 high of 1.3711 is a realistic proposition over the short-term”.

EUR/USD key levels

The pair is now advancing 0.27% at 1.3615 with the next resistance at 1.3623 (high Oct.3) followed by 1.3660 (high Feb.4) and then 1.3711 (2013 high Feb.1). On the downside, a break below 1.3578 (low Oct.3) would clear the way to 1.3526 (MA10d) and finally 1.3505 (low Oct.2).
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