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EUR/USD clinches to 1.2650

FXStreet (Edinburgh) - EUR/USD is now looking to consolidate de intraday decline, gyrating around the mid-1.2600 area in the European afternoon.

EUR/USD focus on Draghi, US docket

Recent highs around 1.2760 and last week’s peaks near 1.2800 the figure seem to be quite a tough barrier for EUR-bulls so far, limiting the upside and prompting investors to find another catalysts in order to overcome those levels. In the meantime, the USD seems recovered from the recent sharp-ish pullback, driving EUR and the rest of risk-related assets back to lower levels. Next of note in the data/events front, ECB’s Draghi will give a speech tomorrow, ahead of key US retail sales report for the month of September.

EUR/USD levels to watch

At the moment the pair is retreating 0.74% at 1.2657 with the next support at 1.2648 (200-h MA) followed by 1.2605 (low Oct.10) and then 1.2583 (low Oct.7). On the upside, a breakout of 1.2791 (high Oct.9) would expose 1.2802 (30-d MA) and finally 1.2816 (low Sep.22).

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