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EUR/USD treading water around 1.2950

FXStreet (Edinburgh) - The EUR managed to bounce off overnight lows near 1.2930, lifting the EUR/USD to the 1.2950/55 band.

EUR/USD supported near 1.2930

After dipping to overnight lows near 1.2930 at the beginning of the week, spot managed to rebound and regain the mid-1.2900s so far. Data wise in the euro region, investor’s confidence gauged by the Sentix index unexpectedly dropped to -9.8 for the month of September vs. 2.0 forecasted and August’s 2.7, although the result did not curb the upbeat momentum surrounding the single currency today. “Technically, the $1.3000-50 area needs to be overcome to signal a correction, we suspect, instead of a consolidation phase. On the downside, the next big target is just below $1.28”, noted analysts at BBH.

EUR/USD levels to watch

As of writing the pair is losing 0.02% at 1.2948 and a breakout of 1.2990 (high Sep.5) would aim for 1.3110 (low Sep.2) and then 1.3154 (high Sep.4). On the flip side, the initial support aligns at 1.2920 (low Sep.4) ahead of 1.2788 (61.8% of 1.2042-1.3995) and finally 1.2755 (low Jul.9 2013).

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