1 Dec 2014
EUR/USD recovers to 1.2500
FXStreet (Edinburgh) - The single currency is picking up pace again vs. the greenback, pushing EUR/USD back to the 1.2490/1.2500 band.
EUR/USD bounces off 1.2470
Better-than-expected ISM Manufacturing in the US economy for the month of November sent spot from session tops in the vicinity of 1.2510 to the area of 1.2470, where buying interest seemed to have turned up and is now lifting the euro back to the 1.2500 neighbourhood. Improved risk sentiment was bolstering the pair since early trade, shrugging off poor figures from manufacturing PMIs in Euroland. Derek Halpenny, European Head of GMR at BTMU, commented, “EUR/USD appears very well supported around current levels and the ability of ECB rhetoric to weaken the euro appears to have been exhausted for now”.
EUR/USD key levels
At the moment the pair is up 0.43% at 1.2494 with the next resistance at 1.2524 (high Nov.27) ahead of 1.2527 (30-d MA) and finally 1.2532 (high Nov.26). On the flip side, a breakdown of 1.2402 (low Nov.25) would open the door to 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012).
EUR/USD bounces off 1.2470
Better-than-expected ISM Manufacturing in the US economy for the month of November sent spot from session tops in the vicinity of 1.2510 to the area of 1.2470, where buying interest seemed to have turned up and is now lifting the euro back to the 1.2500 neighbourhood. Improved risk sentiment was bolstering the pair since early trade, shrugging off poor figures from manufacturing PMIs in Euroland. Derek Halpenny, European Head of GMR at BTMU, commented, “EUR/USD appears very well supported around current levels and the ability of ECB rhetoric to weaken the euro appears to have been exhausted for now”.
EUR/USD key levels
At the moment the pair is up 0.43% at 1.2494 with the next resistance at 1.2524 (high Nov.27) ahead of 1.2527 (30-d MA) and finally 1.2532 (high Nov.26). On the flip side, a breakdown of 1.2402 (low Nov.25) would open the door to 1.2358 (2014 low Nov.7) and then 1.2342 (low Aug.21 2012).