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EUR/USD depressed below 1.2600

FXStreet (Edinburgh) - The single currency is extending its decline on Thursday, taking EUR/USD to the 1.2580 region so far.

EUR/USD muted post-data

Spot remained pretty much unchanged after Economic Sentiment and Business Climate surpassed forecasts during October, coming in at 100.7 and 0.05, respectively. Other indicators also showed auspicious results: Industrial Confidence improved to -5.1 from -5.5 and Services Sentiment bettered to 4.4 from 3.2. All in all, good prospect for the region although the demand for the single currency is still suffering yesterday’s FOMC hawkish statement. “The lack of any significant bounce suggests further EUR weakness but any further decline will likely be at a slower pace. Only a move back above 1.2675 would indicate that a temporary low is in place. Otherwise, expect a move lower towards 1.2600”.

EUR/USD key levels

The pair is now losing 0.32% at 1.2591 and a breach of 1.2504 (low Oct.6) would expose 1.2501 (2014 low Oct.3) and then 1.2493 (low Aug.31). On the upside, the initial hurdle aligns at 1.2639 (high Oct.30) followed by 1.2690 (10-d MA) and finally 1.2691 (21-d MA).

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