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EUR/USD eases from highs

FXStreet (Edinburgh) - The common currency is now back below the 1.2500 handle, with EUR/USD deflating from session highs in the 1.2510 band.

EUR/USD looks to the US releases

The pair remains locked within a very narrow range around 1.2500 the figure amidst a generalized lack of direction. Data wise, spot almost ignored the mixed results from the manufacturing PMIs in the euro region, while investors now turn their attention to the PMI and ISM indicators in the US economy. Quite interesting week ahead for the EUR, as the European Commission will release its economic growth forecasts tomorrow, ahead of EMU’s services PMIs and retail sales on Wednesday and the key ECB meeting and subsequent press conference by Draghi on Thursday. Market consensus expects the European Central Bank remain on hold, leaving all the show to the US Payrolls on Friday (235K exp.).

EUR/USD levels to consider

As of writing the pair is down 0.14% at 1.2506 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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