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EUR/USD remains subdued near 1.2850

FXStreet (Edinburgh) - EUR/USD is keeping the narrow range in the boundaries of the 1.2850 area on Wednesday, leaving behind the mixed results from the German IFO.

EUR/USD down from 1.2900

The correction lower from yesterday’s tops around 1.2900 the figure seems to have found decent support in the 1.2840 neighbourhood today, although the IFO results for the month of September could limit intraday gains. “The target indicated at 1.2880 yesterday was exceeded with a high of 1.2900. While the subsequent drop is expected to extend lower for today, any down-move is not expected to move below the recent low near 1.2816. On the upside, 1.2900 is acting as a very strong resistance now”.

EUR/USD key levels

The pair is now up just 0.01% at 1.2849 with the next resistance at 1.2901 (high Sep.23) ahead of 1.2929 (high Sep.19) and then 1.2931 (high Sep.18). On the downside, a break below 1.2843 (low Sep.23) would open the door to 1.2816 (low Sep.22) and finally 1.2800 (psychological level).

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