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EUR/USD has 1.2700 in the cross hairs

FXStreet (Edinburgh) - The common currency extends its upbeat tone today, now pushing EUR/USD a bit closer to the key 1.2700 mark.

EUR/USD trims losses

Spot continues to retrace last week’s sharp sell off from peaks in the boundaries of 1.2800 the figure (Thursday) to Friday’s troughs in the 1.2600 neighbourhood. The risk-associated universe continues to benefit from the generalized USD weakness, although still remains to be seen whether it is only a corrective down move in the US dollar or part of a broader leg lower. “While a USD pullback was perhaps almost inevitable in view of the extreme level of positioning, we would expect that flows will continue to support the USD in the current environment”, observed Jane Foley, Senior Currency Strategist at Rabobank.

EUR/USD levels to watch

At the moment the pair is up 0.49% at 1.2693 with the next resistance at 1.2698 (high Oct.13) ahead of 1.2716 (high Oct.10) and then 1.2743 (21-d MA). On the flip side, a breakdown of 1.2638 (200-h MA) would expose 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7).

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