16 Dec 2014
EUR/USD sold at 1.2570; back to 1.2500
FXStreet (San Francisco) - After rising 130 pips from 1.2435, EUR/USD found resistance at the level of 1.2570, where the pair found buying interest that sent it back to the 1.2500 area.
Earlier in the day, the EUR/USD rose backed by good economic data from the Eurozone data and recorded a new high since November 20 at 1.2570. However, recent weak data in the US are fueling a counter trade that sent the pair to current levels.
Currently, EUR/USD is trading at 1.2523, up 0.71% on the day, having posted a daily high at 1.2570 and low at 1.2433. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
EUR/USD sentiment
Investors are focusing on tomorrow's FOMC meeting that will provide some signals on when the central bank is planning to hike rates.
If the pair extends its bearish movement, it will find supports at 1.2510, 1.2500 and 1.2475. To the upside, resistances are at 1.2570, 1.2600 and 1.2630.
Earlier in the day, the EUR/USD rose backed by good economic data from the Eurozone data and recorded a new high since November 20 at 1.2570. However, recent weak data in the US are fueling a counter trade that sent the pair to current levels.
Currently, EUR/USD is trading at 1.2523, up 0.71% on the day, having posted a daily high at 1.2570 and low at 1.2433. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
EUR/USD sentiment
Investors are focusing on tomorrow's FOMC meeting that will provide some signals on when the central bank is planning to hike rates.
If the pair extends its bearish movement, it will find supports at 1.2510, 1.2500 and 1.2475. To the upside, resistances are at 1.2570, 1.2600 and 1.2630.