3 Dec 2014
EUR/USD holding on to 1.2320
FXStreet (Edinburgh) - The shared currency remains immersed in the red territory on Wednesday, putting the 1.2320 level to the test ahead of the ADP report.
EUR/USD weaker, eyes on ECB
Spot now extends its weekly descent to fresh ytd lows amidst worsening data from the euro area and the increasing ECB rhetoric pointing to the likeliness of further easing in the near future, capping upside attempts as a consequence. Ahead in the session, the ADP report will be the first test, with consensus expecting the US private sector to have added 221K during November. In light of the ECB meeting due tomorrow, analysts at Danske Bank argued “One trigger for more easing from the ECB would be that the current measures are not enough to boost the balance sheet, and so far the ECB still expects the balance sheet to move towards its early 2012 dimensions”.
EUR/USD levels to watch
At the moment the pair is losing 0.43% at 1.2328 and a break below 1.2295 (low Aug.20 2012) would aim for 1.2288 (low Aug.17 2012) and then 1.2256 (low Aug.16 2012). On the flip side, the immediate hurdle lines up at 1.2419 (low Dec.1) ahead of 1.2449 (10-d MA) and finally 1.2476 (high Dec.2).
EUR/USD weaker, eyes on ECB
Spot now extends its weekly descent to fresh ytd lows amidst worsening data from the euro area and the increasing ECB rhetoric pointing to the likeliness of further easing in the near future, capping upside attempts as a consequence. Ahead in the session, the ADP report will be the first test, with consensus expecting the US private sector to have added 221K during November. In light of the ECB meeting due tomorrow, analysts at Danske Bank argued “One trigger for more easing from the ECB would be that the current measures are not enough to boost the balance sheet, and so far the ECB still expects the balance sheet to move towards its early 2012 dimensions”.
EUR/USD levels to watch
At the moment the pair is losing 0.43% at 1.2328 and a break below 1.2295 (low Aug.20 2012) would aim for 1.2288 (low Aug.17 2012) and then 1.2256 (low Aug.16 2012). On the flip side, the immediate hurdle lines up at 1.2419 (low Dec.1) ahead of 1.2449 (10-d MA) and finally 1.2476 (high Dec.2).