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EUR/USD laying out a fragile support line

FXStreet (Guatemala) - EUR/USD is trading at 1.2485, down -0.05% on the day, having posted a daily high at 1.2493 and low at 1.2484.

EUR/USD, in short-term times frames, is finding a base here although pressures are very much bearish with the spectacular momentum in the dollars advancements of late on the back of a hawkish Fed. With the ECB then in the background, expectations remain with President Draghi keeping the door well and truly open to doing more in the future. Karen Jones, chief analyst at Commerzbank, noted that the market has tested the 1.2460/78.6% retracement support here and she explains that a close below here then triggers the next leg down to the 200 month ma at 1.2225. “This is major support…we look for losses to 1.2040/00 then the 1.1640 low (2005 low) are expected”.

EUR/USD noteworthy levels

Current price is 1.2485, with resistance ahead at 1.2492 (Daily Open), 1.2493 (Daily High), 1.2495 (Hourly 20 EMA), 1.2515 (Yesterday's High) and 1.2517 (YTD Low). Next support to the downside can be found at 1.2484 (Daily Low), 1.2468 (Daily Classic S1), 1.2439 (Yesterday's Low), 1.2417 (Weekly Classic S1) and 1.2411 (Daily Classic S2).

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