OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD holds up above 1.2500

FXStreet (Córdoba) - EUR/USD bounced off session lows in the vicinity of 1.2500 and is back pushing against the upper side of today’s range at the 1.2525 zone, following better-than-expected Eurozone PPI data.

Eurozone producer price index fell by 1.4% over the 12 months to September, slightly below the 1.5% drop expected. EUR/USD advanced somewhat but it has remained capped by the 1.2525 zone so far.

After posting its lowest close since August 2012, EUR/USD stabilized above 1.2500 Tuesday and managed to fill the weekly opening gap during the European session. EUR/USD is currently trading at 1.2515, holding onto a 0.28% gain.

EUR/USD technical outlook


Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators lack bullish strength despite spot is trading higher on the day. "Former intraday highs and lows at 1.2540 act as immediate resistance level, and as long as below risk to the upside seems limited. If broken, the rally can extend up to 1.2580/1.2600", said the analyst. "Below 1.2485 on the other hand, the pair can retest 1.2440 while once below it, 1.2400 comes next".

Romania Interest rate decision dipped from previous 3% to 2.75%

Read more Previous

EUR/GBP finds resistance at 0.7830

EUR/GBP is rising modestly on Tuesday on the back of weak data from the United Kingdom and it has been able to hold above 0.7800. Yesterday the pair bottomed at 0.7798, reaching the lowest price in a month.
Read more Next
Start livechat