Back
2 Dec 2014
EUR/USD clings to 1.2400
FXStreet (Edinburgh) - EUR/USD is trading on the defensive camp during the European evening, navigating multi-day lows in the 1.2390 region.
EUR/USD hurt by the dollar
The solid re-emergence of the greenback prompted EUR-sellers to increase their presence in the markets today, relegating spot to trade once again in sub-1.2400 levels. The bearish outlook remains entrenched in the euro with only a couple of days to the ECB meeting and the subsequent press conference by President Draghi. However, there is the likeliness that the EUR could attempt a relief rally in case the European Central bank disappoints expectations. In the technical vie of Dmytro Bondar, Analyst at RBS, “the double bottom formation has a good chance of materialising with a subsequent push to 1.2750/65 onto 1.2840. Caveat is a break below 1.2358”.
EUR/USD levels to watch
As of writing the pair is down 0.65% at 1.2389 and a breach of 1.2358 (2014 low Nov.7) would open the door to 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012). On the upside, the initial hurdle aligns at 1.2466 (10-d MA) followed by 1.2469 (21-d MA) and then 1.2476 (high Dec.2).
EUR/USD hurt by the dollar
The solid re-emergence of the greenback prompted EUR-sellers to increase their presence in the markets today, relegating spot to trade once again in sub-1.2400 levels. The bearish outlook remains entrenched in the euro with only a couple of days to the ECB meeting and the subsequent press conference by President Draghi. However, there is the likeliness that the EUR could attempt a relief rally in case the European Central bank disappoints expectations. In the technical vie of Dmytro Bondar, Analyst at RBS, “the double bottom formation has a good chance of materialising with a subsequent push to 1.2750/65 onto 1.2840. Caveat is a break below 1.2358”.
EUR/USD levels to watch
As of writing the pair is down 0.65% at 1.2389 and a breach of 1.2358 (2014 low Nov.7) would open the door to 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012). On the upside, the initial hurdle aligns at 1.2466 (10-d MA) followed by 1.2469 (21-d MA) and then 1.2476 (high Dec.2).