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EUR/USD eases from highs

FXStreet (Edinburgh) - The single currency is back to the 1.2515/10 band pre-European open on Tuesday, dragging EUR/USD back from overnight peaks around 1.2530.

EUR/USD survives above 1.2500

Spot is looking to keep levels above 1.2500 the figure, extending the bounce off yesterday’s lows in the 1.2440 region, although the upside seems to have run out of legs in the 1.2530 area. In the data front, Producer Prices in the euro bloc are due ahead of the more appealing Economic Growth Forecasts by the European Commission. Across the pond, Trade Balance figures plus Factory Orders will be in the spotlight. Strategists at UOB Group commented, “waning downward momentum coupled with the strong rebound from the low 1.2440 yesterday suggests that this pair is likely in the early stages of a consolidation phase. Expect sideway trading for today, likely between 1.2450 and 1.2520”.

EUR/USD key levels

At the moment the pair is up 0.13% at 1.2508 with the next resistance at 1.2545 (hourly high Oct.31) ahead of 1.2591 (hourly high Oct.31) and then 1.2605 (Tenkan Sen). On the downside, a break below 1.2439 (low Nov.3) would expose 1.2431 (low Aug.22 2012) and finally 1.2342 (low Aug.21 2012).

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