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EUR/USD finds respite near 1.2720

FXStreet (Edinburgh) - The intraday decline in the euro seems to have found quite decent support around 1.2720, with EUR/USD now looking to regain 1.2730 and beyond.

EUR/USD still suffering the ECB

The pair is trying hard to leave the area of session lows in the 1.2725/20 band on Tuesday, although the recent ECB rumours keep weighing on sentiment. Excluding the ECB chatter, it’s been another apathetic session, with the next relevant releases in the region coming on Thursday with the flash manufacturing/services PMIs. In the view of Dmytro Bondar, Technical Analyst at RBS, “if the price sustains above 1.2725 and 20- day MA, further recovery to 1.2860 / 1.3000 and possibly higher will be expected. A sustained break below 1.2500 cancels the view and sees 1.2422 as the next support”.

EUR/USD key levels

As of writing the pair is down 0.54% at 1.2729 facing the immediate support at 1.2710 (21-d MA) ahead of 1.2705 (low Oct.16) and then 1.2638 (low Oct.15). On the upside, a break above 1.2841 (high Oct.21) would open the door to 1.2845 (high Oct.16) and finally 1.2887 (high Oct.15).

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