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EUR/USD challenges 1.2400

FXStreet (Edinburgh) - The single currency keeps wobbling around 1.2400 the figure on Tuesday, with EUR/USD briefly visiting the 1.2390 region.

EUR/USD no news until Friday

There will be no relevant releases in the euro region this week, with the only exception of German and EMU inflation figures and GDP gauges due on Thursday and Friday, respectively. Consensus expects consumer prices in the euro bloc to have expanded 0.3% on a yearly basis and the economy to have grown 0.7% YoY in the third quarter. “Weekly price action hints at a possible base (weekly doji-like candle last week) but the market will really have to pick up soon (this week) if the EUR is to stage any sort of even short-term bounce”, observed analysts at TD Securities.

EUR/USD levels to watch

The pair is now losing 0.11% at 1.2407 and a break below 1.2358 (low Nov.7) would expose 1.2342 (low Aug.21 2012) and then 1.2295 (low Aug.20 2012). On the upside, the first hurdle lines up at 1.2494 (10-d MA) followed by 1.2499 (Tenkan Sen) and finally 1.2509 (high Nov.10).

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