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EUR/USD in narrow range, around 1.2520

FXStreet (Edinburgh) - The greenback is recovering its shine on Wednesday, dragging EUR/USD to the red territory in the 1.2520/15 band.

EUR/USD eyes on the FOMC

Spot manages to keep the trade above the 1.2500 handle so far amidst a generalized USD strength. Second-tier data releases in Euroland – Current Account and Construction Output – will surely prompt investors to focus on the key FOMC minutes, to be released during the European evening. Prior to the minutes however, a couple of gauges from the US housing sector will show October’s Building Permits (1.040 M exp.) and Housing Starts (1.025 M exp.).

EUR/USD key levels

The pair is now retreating 0.13% at 1.2519 a breakdown of 1.2469 (200-h MA) would open the door to 1.2442 (low Nov.17) and finally 1.2398 (low Nov.14). On the upside, the next resistance lines up at 1.2540 (21-d MA) followed by 1.2580 (high Nov.17) and then 1.2614 (low Oct.23).

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