28 Nov 2014
EUR/USD drops to 1.2430
FXStreet (Edinburgh) - The common currency is now accelerating its intraday decline after the opening bell in Euroland, pushing EUR/USD to session lows around 1.2430.
EUR/USD unable to pick up pace
The pair retreats for the second consecutive session so far, coming down from weekly tops in the 1.2530 area posted on Wednesday. The bearish undertone remains unchanged around the EUR despite the better docket in the region as of late, while market participants will focus on the inflation figures due later, with consensus pointing to a 0.3% YoY advance for the month of November vs. October’s 0.4% gain.
EUR/USD levels to watch
As of writing the pair is down 0.23% at 1.2438 with the next support at 1.2402 (low Nov.25) followed by 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012). On the upside, a breakout of 1.2468 (high Nov.28) would target 1.2524 (high Nov.27) en route to 1.2532 (high Nov.26).
EUR/USD unable to pick up pace
The pair retreats for the second consecutive session so far, coming down from weekly tops in the 1.2530 area posted on Wednesday. The bearish undertone remains unchanged around the EUR despite the better docket in the region as of late, while market participants will focus on the inflation figures due later, with consensus pointing to a 0.3% YoY advance for the month of November vs. October’s 0.4% gain.
EUR/USD levels to watch
As of writing the pair is down 0.23% at 1.2438 with the next support at 1.2402 (low Nov.25) followed by 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012). On the upside, a breakout of 1.2468 (high Nov.28) would target 1.2524 (high Nov.27) en route to 1.2532 (high Nov.26).