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EUR/USD back below 1.2800

FXStreet (Edinburgh) - The common currency is now deflating to sub-1.2800 levels, with EUR/USD coming down from session tops in the proximity of 1.2840.

EUR/USD capped at 1.2840

The 1.2840 band still remains elusive for EUR-bulls on Friday after a couple of unsuccessful attempts to overcome it, rejecting the pair back to the 1.2800 surroundings and below. Throughout the session spot just reacted to dovis-ish comments by ECB members Coeure and Nowotny in early trade, relegating the price action almost exclusively to the risk appetite trends. As an epilogue to the weekly data releases, the Reuters/Michigan index, which tracks US investor sentiment, is due later. Consensus expects the reading to be a tad lower for the month of October, at 84.1 vs. 84.6 from t the previous month.

EUR/USD levels to consider

At the moment the pair is down 0.16% at 1.2787 with the next support at 1.2722 (10-d MA) followed by 1.2718 (21-d MA) and then 1.2705 (low Oct.16). On the upside, a break above 1.2845 (high Oct.16) would expose 1.2853 (23.6% of 1.3995-1.2501) and finally 1.2887 (high Oct.15).

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