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EUR/USD drops to fresh 2014 low

FXStreet (Edinburgh) - The euro is now falling further, dragging EUR/USD to print fresh ytd lows near 1.2360, levels last seen in August 2012.

EUR/USD weaker despite lower Payrolls

In spite of lower-than-expected Payrolls during October (214K act. vs. 231K exp.), a renewed selling interest is hurting the pair, pushing it to the 1.2370/60 band, or more than 2-year lows. In the data space, next of relevance will be the speeches by Yellen, Tarullo and Evans, preceding the US Consumer Credit Change figures, expected at $15.10 billion in September. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “with technical studies warning of downside risks the next level of support lies at 1.2300; beyond there the next level of support is the July 2012 low of 1.2043”.

EUR/USD key levels

The pair is now gaining 0.10% at 1.2388 with the initial resistance at 1.2448 (hourly high Nov.6) ahead of 1.2533 (high Nov.6) and then 1.2547 (10-d MA). On the downside, a breach 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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USD/JPY unable to rally above 115.30 after NFP

USD/JPY rebounded sharply from 114.60 and climbed to 115.40 in a few minutes, but it was unable to rally further and lost momentum. The pair was pulling back, trading below 115.00 at the time of writing, 30 pips under the price it had before NFP.
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