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EUR/USD rejected again at 1.2500 - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD didn’t acknowledge market came back to full activity mode, confined to an even tighter range than earlier on the week, for most of the day.

Key quotes:

“The greenback has been under pressure for most of the European session and early US, as stocks markets were in red. However, US indexes getting into positive territory before the closing bell, gave the dollar a boost with the American currency down only against its commodity rivals, the daily winners”.

“From a fundamental point of view, data in Europe was mixed with German wholesales index down but EZ industrial production up by 0.6% in September”.

“The pair was again rejected from the 1.2500 price zone, closing the day at its lows, yet above the 1.2400 figure; technically, the 1 hour chart shows moving averages all aligned in a 40 pips range which clearly reflects the lack of definitions in the pair. Indicators in this time frame gain bearish strength below their midlines, whist indicators in the 4 hours chart also gain bearish tone as the day comes to an end”.

“Nevertheless, it will take a break below 1.2400 to confirm further declines, with sellers now expected to reappear on approaches to the 1.2500 price zone”.

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