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EUR/USD keeps highs above 1.2500

FXStreet (Edinburgh) - The single currency remains in the upper end of the intraday range on Thursday, taking EUR/USD to the 1.2515/20 area.

EUR/USD apathetic after German data

Spot posted no reaction after German Factory Orders expanded 0.8% inter-month during September, reverting the previous drop although not enough to surpass forecasts. In the meantime, the pair managed to regain the 1.2500 handle, partially trimming yesterday’s sharp pullback. Ahead in the day, the ECB meeting and the usual press conference by Mario Draghi will grab all the attention. Senior Analyst Sverre Holbek at Danske Bank commented “Draghi is expected to continue to sound very dovish and to do little to quell the increasing market expectations that QE could become reality during 2015”.

EUR/USD levels to watch

The pair is now up 0.27% at 1.2517 with the next resistance at 1.2577 (high Nov.4) ahead of 1.2591 (10-d MA) and then 1.2596 (200-h MA). On the downside, a break below 1.2439 (low Nov.3) would expose 1.2431 (low Aug.22 2013) and then 1.2342 (low Aug. 21 2013).

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