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EUR/USD in consolidation mode

FXStreet (Córdoba) - EUR/USD entered a consolidation phase over the last hours after posting a modest daily loss weighed by reports the European Central Bank could start buying corporate bonds in December.

EUR/USD was also undermined by positive USD sentiment and ended Tuesday 0.66% lower despite the sharp rally seen in stocks in Europe and US. However, EUR/USD found support once again ahead of the 1.2700 level and settled in a tight range just above, where it has spent the last hours. At time of writing, EUR/USD is trading at 1.2715, little changed Wednesday.

EUR/USD technical levels

As for technical levels, on the downside immediate supports are seen at 1.2704 (Oct 16 & 22 lows), 1.2623 (Oct 15 low) and 1.2600 (psychological level). On the upside, resistances could be found at 1.2839 (intraday high), 1.2882 (Oct 15 high) and 1.2900 (psychological level).

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