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EUR/ISD remains offered near 1.2640

FXStreet (Edinburgh) - The selling mood prevails around EUR/USD at the end of the US session on Wednesday, now looking to stabilize in the vicinity of 1.2640.

EUR/USD now focus on Yellen, US GDP

It may not be all over for the pair. The EUR will remain under pressure, as the US docket will again be the main driver of the pair’s price action tomorrow. To the usual weekly report on the US labour market (Claims expected at 283K), traders will also scrutinize the GDP Annualized during the third quarter (3.0% exp.) and Chairwoman Yellen’s speech soon after. So far, spot has eroded the gains following last week’s bounce off the boundaries of 1.2600 the figure, leaving the door open for a deeper retracement should the US economy surprises to the upside.

EUR/USD levels to watch

As of writing the pair is retreating 0.70% at 1.2646, with the immediate support now at 1.2614 (low Oct.23) followed by 1.2605 (low Oct.10) and finally 1.2583 (low Oct.7). On the upside, a break above 1.2685 (low Oct.28) would expose 1.2693 (21-d MA) and then 1.2770 (high Oct.29).

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