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EUR/USD deflates to 1.2440

FXStreet (Edinburgh) - EUR/USD could not sustain the bullish attempt to the 1.2470 area on Friday, returning as a consequence to the 1.2440/45 band.

EUR/USD focus on US docket

The favourable context for the US dollar is relegating spot to trade on the defensive camp today, although the recovery stalled just ahead of 1.2470. Auspicious GDP releases from the euro area members and the bloc as a whole seem not to be enough to spark a sustainable correction higher in the EUR. Next of significance will be the US Retail Sales, with consensus expecting headline sales to have expanded 0.2% inter-month during October. Consumer Sentiment gauged by the Reuters/Michigan index will follow, expected at 87.5 for the month of November vs. 86.9 previous.

EUR/USD key levels

At the moment the pair is losing 0.26% at 1.2445 with the next support at 1.2419 (low Nov.12) ahead of 1.2394 (low Nov.11) and then 1.2358 (low Nov.7). On the flip side, a breakout of 1.2499 (high Nov.11) would expose 1.2509 (high Nov.10) and finally 1.2533 (high Nov.6).

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