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EUR/USD trades below 1.2700 post US consumer confidence

FXStreet (San Francisco) - The Euro broke below the 1.2700 level versus the US Dollar following the US Michigan consumer sentiment as the EUR/USD completed at a 70-pip drop from 1.2755 to lows around 1.2685.

The US Michigan consumer sentiment rose to 84.6 in Sept; as previously informed. Expectations component was revised down to 75.4 from previously informed at 75.6.

Currently, EUR/USD is trading at 1.2703, down 0.40% on the day, having posted a daily high at 1.2762 and low at 1.2689. EUR/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

EUR/USD sentiment

"The orderliness of this decline is its most remarkable feature. The magnitude is not that unusual, but the lack of bounces is the outstanding characteristic," comments Jamie Coleman from FXBeat.

Supports are at 1.2660, 1.2630 and 1.2600. On the upside, resistances are at 1.2710, 1.2730 and 1.2760.

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