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EUR/USD assaulting 1.2800

FXStreet (Edinburgh) - The single currency continues to trade on the right footing on Wednesday, now with EUR/USD gyrating around the 1.2800 key barrier.

EUR/USD down from almost 1.2900

Spot has been catapulted to the boundaries of 1.2900 the figure in the wake of lacklustre data from the US economy, where retail sales and the Empire State index both disappointed investors during September. The pair remains in the upper 1.2700s so far, trading in 3-week highs and advancing for the second consecutive week for the first time since late June. “On the charts, we spot EURUSD resistance at 1.2750 and support in the low 1.26s, as the short term charts suggest the pair is attempting to consolidate at current levels”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

EUR/USD key levels

The pair is now up 1.01% at 1.2786 facing the next resistance at 1.2887 (high Oct.15) ahead of 1.2901 (high Sep.23) and then 1.2929 (high Sep.19). On the flip side, a breakdown of 1.2637 (low Oct.15) would aim for 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7).

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