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EUR/USD fails to hold above 1.2500

FXStreet (Córdoba) - EUR/USD failed to sustain above the 1.2500 level and pulled back after reaching fresh daily highs at the latest attempt.

EUR/USD advanced Monday, underpinned by profit-taking after hitting fresh cycle lows on Friday, and briefly rose above 1.2500 to hit a high of 1.2508 following upbeat Eurozone confidence data. However, EUR/USD failed to hold gains and retreated to the 1.2480 zone most recently. At time of writing, EUR/USD is trading at 1.2584, still up 0.26% on the day.

On the data front, there are no releases scheduled for the New York session.

EUR/USD technical outlook

“In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) has opened the way for a decline towards the strong support at 1.2043 (24/07/2012 low)”, said Ipek Ozkardeskaya, analyst at Swissquote Bank SA. “A key resistance stands at 1.2886 (15/10/2014 high)”.

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