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EUR/USD recovers further from lows

FXStreet (Córdoba) - EUR/USD retraced most of yesterday’s rally during the European session weighed by the slump in stocks against a risk averse environment. However, the pullback was contained a few pips above the 1.2700 mark, allowing the pair to recover ground moving in tandem with equities.

EUR/USD scored a daily low of 1.2704 but found support and trimmed losses, climbing all the way back to 1.2795 as FOMC members speak. St Louis Fed President Bullard (known as a Fed hawk) said the Fed should consider delay in ending of QE.

"That a hawk like St Louis Fed President James Bullard would even entertain the idea of pausing the taper is an extremely strong signal", said Adam Button, editor at ForexLive. "It means that if things get worse, the Fed will go right back to QE-forever".

At time of writing, EUR/USD is trading at 1.2790, still 0.36% below its opening price. On the data front, there is no first-tier data scheduled for the rest of the session.

EUR/USD technical levels

As for technical levels, immediate resistances are seen at 1.2844 (intraday high) 1.2882 (Oct 15 high) and 1.2900 (psychological level). On the flip side, supports could be found at 1.2704 (intraday low) and 1.2690 (10-day SMA) ahead of 1.2623 (Oct 15 low).

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