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EUR/USD retreats to 1.2430

FXStreet (Edinburgh) - The single currency is now challenging session lows in the 1.2435/30 band, with EUR/USD coming down from recent peaks near 1.2500 the figure.

EUR/USD eyes industrial data

The pair remains submerged into the generalized lack of direction prevailing in the FX universe, ahead of the Industrial Production figures due in the euro area for the month of September. Despite consensus expecting better figures from the industrial sector, the data would lack of enough relevance, let alone be a market mover. Ahead in the week, the release of EMU’s CPI and Q3 GDP will shed more light regarding the prospects for the euro region, grabbing investors’ attention. Market strategists at UOB Group suggested, “EUR traded sideways as expected albeit at a wider range than anticipated. The strong daily close suggests further upside risk towards the strong resistance at 1.2530 but a sustained up-move is unlikely. Only a move back below 1.2440 would indicate that the upside pressure has eased”.

EUR/USD key levels

The pair is now losing 0.28% at 1.2439 and a break below 1.2400 (psychological level) would expose 1.2394 (low Nov.11) and then 1.2342 (low Aug.21 2012). On the upside, the immediate resistance lines up at 1.2497 (hourly high Nov.12) followed by 1.2499 (high Nov.11) and finally 1.2509 (high Nov.10).

Bank of England publishes report into FX rate rigging

Following the investigation into the FX rate fixing scandal, the Bank of England Oversight Committee has today published an independent report by Lord Grabiner QC. The investigation looked into whether between 2005 and 2013, any Bank of England official was involved in, or aware of, conduct issues in the foreign exchange (FX) market.
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