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EUR/USD downside risks prevail

FXStreet (Guatemala) - EUR/USD is trading at 1.2538, up 0.70% on the day, having posted a daily high at 1.2546 and low at 1.2444.

EUR/USD has paired back losses since the drop from the open of the week’s business that took the pair down to test 1.2440’s territory. The German ZEW results were the impetus in the European shift to lift the EUR and crosses higher to where the pair now oscillates despite the US PPI numbers giving the bears some relief on the way up. Karen Jones, chief analyst at Commerzbank however remains bearish and said that they continue to target the 200 month ma at 1.2225.

EUR/USD noteworthy levels

Current price is 1.2538, with resistance ahead at 1.2541 (Daily 20 SMA), 1.2585 (Weekly Classic R1) and 1.2624 (Daily Classic R2). Next support to the downside can be found at 1.2537 (Daily Classic R1), 1.2505 (Hourly 20 EMA), 1.2491 (Daily Classic PP) and 1.2489 (Weekly Classic PP).

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