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EUR/USD off highs, above 1.2400

FXStreet (Edinburgh) - The shared currency is back to the 1.2420/25 band at the end of the week, with EUR/USD returning from session highs above 1.2440.

EUR/USD closing the week in red… again

Spot is retreating for the third consecutive week, fully retracing October’s spike to the 1.2900 neighbourhood and recovering ground after hitting fresh 27-month lows in the mid-1.2300s. The offered tone remains intact around the EUR, intensified after the dovish ECB gathering on Thursday and pushed even lower today after US Payrolls disappointed consensus in October (214K act.). Analysts at BTMU observed “Draghi did emphasise the widening monetary divergence ahead and with asset purchases set to continue for two years, EUR/USD will continue to fall. We are still not convinced of sovereign debt QE being unleashed in December and hence for now we will maintain our 1.2500 end-2014 target”.

EUR/USD key levels

The pair is now gaining 0.41% at 1.2426 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 1.2358 (2014 low Nov.7) would expose 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012).

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