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EUR/USD now testing lows in 1.2720

FXStreet (Edinburgh) - The single currency is intensifying its intraday correction on Thursday, now dragging EUR/USD back to the 1.2725/20 area.

EUR/USD attention to US data

Spot ignored another token of the disinflation pressures hovering over the euro area, after September final CPI figures showed an annual increment of 0.3% in consumer prices, down from August’s 0.4% advance. In the meantime, the pair continues to retrace the post-US data spike to the vicinity of 1.2900 the figure on Wednesday, ahead of today’s industrial production results (0.4% exp.), Initial Claims (290K exp.) and Fedspeak (Plosser, Kocherlakota, Bullard and Lockhart).

EUR/USD significant levels

As of writing the pair is losing 0.82% at 1.2732 and a breakdown of 1.2724 (21-d MA) would target 1.2693 (10-d MA) en route to 1.2674 (200-h MA). On the flip side, the initial hurdle lines up at 1.2887 (high Oct.15) followed by 1.2901 (high Sep.23) and then 1.2929 (high Sep.19).

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