26 Nov 2014
EUR/USD deflates below 1.2450
FXStreet (Edinburgh) - After reaching session tops in the vicinity of 1.2500 the figure, EUR/USD sparked a correction lower to the mid-1.2400s.
EUR/USD keeps the range ahead of US data
The pair is navigating around session lows at the moment, although it keeps the broader recent range between 1.2400 and 1.2500 in light of the slew of US releases due later. The EUR remains vulnerable nonetheless, as today’s data carry the potential to revert the recent USD softer tone. Dmytro Bondar, Technical Analyst at RBS, argued “Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a bounce and target 1.2043”.
EUR/USD key levels
At the moment the pair is losing 0.23% at 1.2448 with the next support at 1.2402 (low Nov.25) followed by 1.2358 (2014 low Nov.7) and finally 1.2342 (low Aug.21 2012). On the upside, a break above 1.2505 (low Nov.20) would expose 1.2560 (30-d MA) ahead of 1.2569 (high Nov.21).
EUR/USD keeps the range ahead of US data
The pair is navigating around session lows at the moment, although it keeps the broader recent range between 1.2400 and 1.2500 in light of the slew of US releases due later. The EUR remains vulnerable nonetheless, as today’s data carry the potential to revert the recent USD softer tone. Dmytro Bondar, Technical Analyst at RBS, argued “Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a bounce and target 1.2043”.
EUR/USD key levels
At the moment the pair is losing 0.23% at 1.2448 with the next support at 1.2402 (low Nov.25) followed by 1.2358 (2014 low Nov.7) and finally 1.2342 (low Aug.21 2012). On the upside, a break above 1.2505 (low Nov.20) would expose 1.2560 (30-d MA) ahead of 1.2569 (high Nov.21).