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EUR/USD depressed below 1.2400

FXStreet (Edinburgh) - The single currency extends its sideline pattern below 1.2400 the figure on Friday, with EUR/USD navigating near the 1.2380/85 band.

EUR/USD ignored German data

Spot largely bypassed the positive releases in Germany, where the trade surplus widened to €18.5 billion in September and both exports and imports significantly reverted previous contractions. Further data showed the Current Account surplus expanded to €22.3 billion from €10.5 billion during the same period. The demand for the EUR remains subdued following yesterday’s ECB gathering, with the pair meandering levels last traded in August 2012 ahead of the critical US Payrolls due later (231K).

EUR/USD key levels

The pair is now up 0.10% at 1.2388 with the next resistance at 1.2448 (hourly high Nov.6) ahead of 1.2533 (high Nov.6) and then 1.2547 (10-d MA). On the flip side, a breakdown of 1.2364 (low Nov.6) would expose 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012).

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