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EUR/USD holding on above 1.2400

FXStreet (Edinburgh) - EUR/USD appears to be closing the week above 1.2400 the figure so far, as the weekend lull took over markets already.

EUR/USD recovery capped at 1.2470

The pair bottomed out in fresh ytd lows around 1.2360 in the wake of the US releases today, although sellers lacked conviction and allowed some sort of rebound to the 1.2470 area soon afterwards. The solid USD performance in the first place, plus the dovish tone struck by ECB’s Draghi on Thursday were behind the third consecutive weekly close in red for the EUR, all framed within the broader bearish tone surrounding the European currency and the gloomy prospects for Euroland. So, what lies ahead for the pair on Monday? Not much really in terms of data releases, as key Chinese inflation figures is due early in the Asian session followed by a gauge of the Investor Confidence by the Sentix index in the euro bloc.

EUR/USD key levels

At the moment, the pair is gaining 0.50% at 1.2437 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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