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27 Nov 2014
EUR/USD dips to lows near 1.2480
FXStreet (Edinburgh) - The shared currency is now rapidly depreciating vs. the US dollar after the opening bell in Europe, with EUR/USD dropping to the vicinity of 1.2480.
EUR/USD back from highs above 1.2500
Spot quickly left the area of session tops beyond 1.2520 to print intraday troughs around 1.2490/85. Sellers seem to be clustered just above 1.2500 the figure, making it difficult to clear that area on a sustainable basis and thus capping further bullish attempts. Later on in Euroland, German labour market results are due, with consensus expecting the jobless rate to stay put at 6.7% and the unemployment change to decrease by 4K. “Despite the pull-back from the high, the outlook still remains positive from here. 1.2465/70 is a strong support now and as long as this level is intact, the current EUR strength could extend towards 1.2560/65”, signalled strategists at UOB Group.
EUR/USD levels to watch
As of writing the pair is down 0.18% at 1.2486 and a breach of 1.2443 (low Nov.26) would open the door to 1.2402 (low Nov.25) and then 1.2358 (2014 low Nov. 7). On the other hand, the immediate resistance lines up at 1.2532 (high Nov.26) followed by 1.2550 (30-d MA) ahead of 1.2569 (high Nov.21).
EUR/USD back from highs above 1.2500
Spot quickly left the area of session tops beyond 1.2520 to print intraday troughs around 1.2490/85. Sellers seem to be clustered just above 1.2500 the figure, making it difficult to clear that area on a sustainable basis and thus capping further bullish attempts. Later on in Euroland, German labour market results are due, with consensus expecting the jobless rate to stay put at 6.7% and the unemployment change to decrease by 4K. “Despite the pull-back from the high, the outlook still remains positive from here. 1.2465/70 is a strong support now and as long as this level is intact, the current EUR strength could extend towards 1.2560/65”, signalled strategists at UOB Group.
EUR/USD levels to watch
As of writing the pair is down 0.18% at 1.2486 and a breach of 1.2443 (low Nov.26) would open the door to 1.2402 (low Nov.25) and then 1.2358 (2014 low Nov. 7). On the other hand, the immediate resistance lines up at 1.2532 (high Nov.26) followed by 1.2550 (30-d MA) ahead of 1.2569 (high Nov.21).