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EUR/USD unmotivated below 1.2500

FXStreet (Edinburgh) - The single currency extends its consolidative pattern at the end of the session on Monday, with EUR/USD meandering between 1.2480 and 1.2500.

EUR/USD further sidelining ahead?

The pair remains well poised to extend the flat-line pattern in the upcoming sessions, at least until the ECB meeting on Thursday. Prima facie, there are no potential market-movers on the horizon, although tomorrow’s release of the economic growth forecasts by the European Commission along with Factory Orders across the pond will keep traders entertained for a while. On the technical aspect, Chief FX Strategist at Scotiabank Camilla Sutton, suggested, “all technical studies have shifted to sell signals; and the RSI at just 35, provides plenty of downside room before reaching over sold levels. Support lies at the recent low of 1.2440 followed by the psychologically important 1.2400; resistance lies at Friday’s close of 1.2525”.

EUR/USD levels to consider

As of writing the pair is down 0.33% at 1.2482 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).

NZD/USD holds above 0.7700

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GBP/USD downside pressures contained

GBP/USD is trading at 1.5976, down -0.11% on the day, having posted a daily high at 1.6025 and low at 1.5927.
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