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EUR/USD back from peaks

FXStreet (Edinburgh) - After hitting session tops in the vicinity of 1.2640, EUR/USD has now returned to the 1.2615/10 band.

EUR/USD clinches to 1.2600

The ISM-induced bullish attempt by the EUR lost momentum around 1.2640, prompting traders to sell the ephemeral strength and drag once again the pair to test the 1.2600 neighbourhood. The ECB meeting is regarded as the most relevant risk event this week, with increasing odds pointing to some kind of action by the central bank. The research team at Rabobank added, “We think the odds that the ECB will engage in QE have risen well beyond the 50% mark, although it is not on a pre-set course”.

EUR/USD significant levels

The pair is now losing 0.19% at 1.2906 with the next support at 1.2571 (2014 low Sep.30) ahead of 1.2561 (low sep.6 2012) and finally 1.2502 (76.4% of 1.2042-1.3995). On the flip side, a breakout of 1.2640 (high Oct.1) would aim for 1.2664 (low Sep.29) and then 1.2715 (high Sep.29).

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