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EUR/USD deflates from highs

FXStreet (Edinburgh) - Quite volatile moments for EUR/USD now, coming down from session peaks beyond 1.2760 to test 1.2720 so far.

EUR/USD lower on better US confidence

The pair gave away earlier gains after the US Consumer Confidence surprised investors to the upside for the present month, advancing to 94.5 vs. 87 expected and up from September’s 89. Further data showed the S&P/Case-Shiller index rose 5.6% on a yearly basis, missing forecasts for a 5.8% advance. Strategists at TD Securities observed “the weekly chart supports the impression from the dailies of a stalled move lower but there is little or no indication here that EURUSD can recover much ground in the months ahead”.

EUR/USD levels to watch

At the moment the pair is advancing 0.22% at 1.2727 with the next hurdle at 1.2784 (hourly high Oct.21) ahead of 1.2841 (high Oct.21) and then 1.2845 (high Oct.16). On the flip side, a break below 1.2665 (low Oct.27) would open the door to 1.2656 (61.8% of 1.2614-1.2723) and finally 1.2635 (low Oct.24).

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