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EUR/USD wobbles around 1.2500

FXStreet (Edinburgh) - The shared currency remains in the red territory on Monday, with EUR/USD flirting around 1.2500 the figure although still unable to attempt an assault.

EUR/USD indifferent post-PMIs

The pair practically ignored today’s final manufacturing PMIs from the euro area, showing mixed results for the month of October – better figures from Spain and France, while a deterioration in the more relevant Germany and EMU ones. Spot managed to bounce off lows near 1.2440, although the undertone remains negative as the greenback extends its upside bias. Ahead in the day, the US manufacturing sector will take centre stage in light of the releases of Markit’s PMI and the ISM indicator. Strategists at UOB Group argued “Despite oversold conditions, there is no sign of a low just yet. Expect any recovery to hold below 1.2570 for a move towards 1.2470”.

EUR/USD levels to consider

As of writing the pair is down 0.22% at 1.2497 with the next support at 1.2448 (hourly low Nov.3) followed by 1.2439 (low Nov.3) and then 1.2431 (low Aug.22 2012). On the upside, a break above 1.2517 (high Nov.3) would target 1.2545 (hourly high Oct.31) and then 1.2617 (high Oct.31).

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