5 Dec 2014
EUR/USD struggles around 1.2300
FXStreet (Edinburgh) - EUR/USD is trying to recover the 1.2300 handle in the last part of the US session on Friday, coming back from fresh ytd lows around 1.2270.
EUR/USD weaker after US data
Spot keeps battling to break above 1.2300 the figure today, after strong November’s Payrolls (321K) send it to levels last traded in August 2012 around 1.2270. The results from the NFP caught markets off guard, as a lower number was expected following the disappointing ADP report last Wednesday. Anyway, the pair fully retraced the ECB-induced spike to 1.2460 on Thursday, demonstrating once again that the USD dynamics remain the main driver of the price action, at least in the very near term… or until the ECB meets again in January.
EUR/USD levels to watch
At the moment the pair is retreating 0.71% at 1.2295 with the next support at 1.2270 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2426 (10-d MA) would expose 1.2453 (21-d MA) and then 1.2476 (high Dec.2).
EUR/USD weaker after US data
Spot keeps battling to break above 1.2300 the figure today, after strong November’s Payrolls (321K) send it to levels last traded in August 2012 around 1.2270. The results from the NFP caught markets off guard, as a lower number was expected following the disappointing ADP report last Wednesday. Anyway, the pair fully retraced the ECB-induced spike to 1.2460 on Thursday, demonstrating once again that the USD dynamics remain the main driver of the price action, at least in the very near term… or until the ECB meets again in January.
EUR/USD levels to watch
At the moment the pair is retreating 0.71% at 1.2295 with the next support at 1.2270 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2426 (10-d MA) would expose 1.2453 (21-d MA) and then 1.2476 (high Dec.2).