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EUR/USD back to 1.2600

FXStreet (Edinburgh) - The single currency is now losing the grip vs. the US dollar, dragging EUR/USD back to another visit of the 1.2600 mark.

EUR/USD retreats from 1.2660

Spot could not follow through the recent peaks around 1.2660, sparking the current correction. However, buyers seem to be well aligned in the 1.2600 neighbourhood limiting the downside for now. In the data front, German industrial production disappointed investors contracting 4.0% inter-month during August. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “the EUR sell-off remains entrenched but is somewhat extended; loss of support around 1.2750/90 leaves the EUR vulnerable to a drop back to the 1.20 if the last retracement support derived from the 2012/2014 rally at 1.2505 fails to hold. Stay bearish while the market remains below 1.2750/60”.

EUR/USD levels to watch

As of writing the pair is losing 0.34% en 1.2612 and a breakdown of 1.2504 (low Oct.6) would aim for 1.2501 (2014 low Oct.3). On the flip side, the initial hurdle aligns at 1.2662 (10-d MA) followed by 1.2665 (high Oct.7) and finally 1.2675 (high Oct.6).

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