28 Nov 2014
EUR/USD parked in lows near 1.2440
FXStreet (Edinburgh) - EUR/USD is closing the week with gains despite today’s decline, adding to the consolidative pattern between 1.2400 and 1.2600 seen during November.
EUR/USD looks to the ECB, Payrolls
The EUR will remain vulnerable into the next week, as the final PMI prints and Q3 GDP results are due in the euro area, as well as the always volatile ECB meeting and Draghi’s press conference. On the dollar side of the equation, it will also be critical, as markets will look to the ISM Manufacturing, Trade Balance, Factory Orders and Payrolls as cues for the short term price action. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “conflicting technical signals warn that EUR is likely to range trade until there is a strong fundamental catalyst. The range lies between the 1.2358 low and the 1.2600 high, levels that can be used as support and resistance”.
EUR/USD levels to watch
As of writing the pair is down 0.18% at 1.2845 with the immediate support lying at 1.2402 (low Nov.25) ahead of 1.2358 (2014 low Nov.7) and finally 1.2342 (low Aug.21 2012). On the upside, a surpass of 1.2524 (high Nov.27) would target 1.2532 (high Nov.26) en route to 1.2564 (Kijun Sen).
EUR/USD looks to the ECB, Payrolls
The EUR will remain vulnerable into the next week, as the final PMI prints and Q3 GDP results are due in the euro area, as well as the always volatile ECB meeting and Draghi’s press conference. On the dollar side of the equation, it will also be critical, as markets will look to the ISM Manufacturing, Trade Balance, Factory Orders and Payrolls as cues for the short term price action. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “conflicting technical signals warn that EUR is likely to range trade until there is a strong fundamental catalyst. The range lies between the 1.2358 low and the 1.2600 high, levels that can be used as support and resistance”.
EUR/USD levels to watch
As of writing the pair is down 0.18% at 1.2845 with the immediate support lying at 1.2402 (low Nov.25) ahead of 1.2358 (2014 low Nov.7) and finally 1.2342 (low Aug.21 2012). On the upside, a surpass of 1.2524 (high Nov.27) would target 1.2532 (high Nov.26) en route to 1.2564 (Kijun Sen).