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EUR/USD in weekly tops beyond 1.2500

FXStreet (Edinburgh) - Positive docket in the US economy dragged EUR/USD to fresh lows in sub-1.2400 levels, although it managed to pick up pace and escalate to highs above 1.2500 the figure.

EUR/USD supported at 1.2400

Despite the choppiness throughout the week, spot keeps the broader 1.2400-1.2500 range intact amidst a lack of catalysts or relevant events in the euro area. Data wise in the euro region, advanced GDP figures during the third quarter saw improvements in France, Germany and the EMU, whereas consumer prices in the bloc came in mixed for the month of October. Spot is now pushing higher and printing fresh weekly highs in the 1.2525/30 band backed by a sudden bout of risk-on sentiment.

EUR/USD key levels

At the moment the pair is advancing 0.31% at 1.2517 with the next resistance at 1.2533 (high Nov.6) followed by 1.2573 (21-d MA) and then 1.2600 (psychological level). On the downside, a break below 1.2394 (low Nov.11) would target 1.2358 (low Nov.7) and then the psychological mark at 1.2500.

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