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EUR/USD eases further to 1.12450

FXStreet (Edinburgh) - The common currency is down over a big-figure vs. the US dollar in the European evening, with EUR/USD now hovering over the mid-1.2400s.

EUR/USD weaker on Draghi, USD

The re-emergence of the greenback is hurting the pair since the Asian session, dragging it from peaks near 1.2580 to current lows in the 1.2450/40 area. In the data space, traders largely by passed EMU’s trade balance, although Draghi’s appreciations seem to have dented any recovery attempt. Amongst the salient points, President Draghi argued that sovereign bonds remain an option in case the ECB incurs into further easing; he also added that more time is needed to see the effects of the recent easing measures. In the meantime, spot remains in the red territory, retracing part of the recent rebound to the 1.2580 band.

EUR/USD key levels

At the moment the pair is losing 0.53% at 1.2460 and a breach of 1.2398 (low Nov.14) would target 12394 (low Nov.11). On the flip side, the next hurdle lines up at 1.2580 (hourly high Nov.17) ahead of 1.2591 (hourly high Oct.31) and then 1.2614 (low Oct.23).

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