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EUR/USD back to 1.2520 on data

FXStreet (Edinburgh) - EUR/USD is now returning to the 1.2520 region following the better-than-expected CPI figures in the US economy during October.

EUR/USD rebound stalled at 1.2550

The bounce off session lows in the boundaries of 1.2500 the figure run out of steam around 1.2550, after US headline consumer prices tracked by the CPI advanced above expectations 1.7% on an annualized basis while came in flat inter-month; Core prices also surpassed forecasts at 1.8% YoY and 0.2% MoM. Further data also showed Initial Claims a tad lower at 291K in the week ended on November 15th vs. 293K in the previous week. “While the subsequent pull-back from the high has dented the upward momentum, the undertone is still positive and another leg higher towards 1.2600 is likely. Expect the support at 1.2500 to hold for a move towards 1.2610”, commented strategists at UOB Group.

EUR/USD levels to consider

As of writing the pair is losing 0.16% at 1.2521 with the immediate support at 1.2485 (10-d MA) ahead of 1.2483 (200-h MA) and finally 1.2442 (low Nov.18). On the upside, a breakout of 1.2596 (30-d MA) would aim for 1.2602 (high Nov.19) and then 1.2614 (low Oct.23).

EUR soft after the release of disappointing PMIs - Scotiabank

Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that EUR is weak, down 0.2%, after failing to maintain its post FOMC rally to 1.2600 as the currency came under additional pressure on the release of disappointing Eurozone PMIs, with the flash composite dropping to a 16‐month low of 51.4, disappointing expectations.
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US continuing jobless claims hit year 2000 lows

In the week ending November 15, the advance figure for seasonally adjusted initial claims was 291k, a decrease of 2k from the previous week's revised level, according to the US Department of Labor The previous week's level was revised up by 3k from 290k to 293k. The 4-week moving average was 287k, an increase of 1,750 from the previous week's revised average.
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