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EUR/USD consolidating above 1.2700

FXStreet (Edinburgh) - The upbeat momentum around the EUR remains intact on Monday, lifting EUR/USD to the 1.2720 neighbourhood, or session highs.

EUR/USD rebounds from 1.2600

After dropping to the area of 1.2600 the figure last week, spot managed to pick up pace and retake the upper-1.2600s and the 1.2700 handle, leaving behind last week’s ECB rumours regarding the purchase of corporate bonds. The release of the stress tests by the ECB over the weekend brought some respite to the beleaguered currency at the beginning of the week. In the same direction, poor results from the US docket, with services PMI and Pending Home Sales missing estimates, gave further legs to the pair today.

EUR/USD relevant levels

The pair is now up 0.29% at 1.2708 with the next resistance at 1.2723 (10-d MA) followed by 1.2730 (200-h MA) and finally 1.2740 (high Oct.22). On the downside, a break below 1.2635 (low Oct.24) would expose 1.2614 (low Oct.23) and then 1.2605 (low Oct.10).

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