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EUR/USD retraces from daily high of 1.2676 - FXStreet

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik observes, EUR/USD hit a daily high of 1.2676 on slightly better than expected Eurozone PMI numbers and now is trading lower in the 1.2657 region.

Key quotes

"The greenback sees some demand after the release of weekly unemployment data in the US, with Initial claims above expected, but Continuing claims posted their best number since the ends of 2000, pointing to a steady recovery in the employment sector."

"As for the EUR/USD, the technical picture shows the pair remains unable to firm up above the 1.2660 static resistance level, but price stands above a flat 20 SMA and indicators in positive territory, so far limiting slides."

"In the 4 hours chart however, price develops well below a bearish 20 SMA, while indicators barely advance from oversold levels, still deep in red."

"The pair still looks heavy after setting a daily low of 1.2614, with renewed selling pressure below 1.2620 exposing the pair to a new leg south."

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