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EUR/USD taking a breather around 1.2520/50 levels

FXStreet (Guatemala) - EUR/USD is trading at 1.2547, up 0.03% on the day, having posted a daily high at 1.2576 and low at 1.2504.

EUR/USD is a choppy range bound trade while markets are somewhat lost for direction now that there are questions as to what the next move from the Fed can be in a global environment that carries growth concerns and disinflationary pressures.

The FOMC now has to consider what impacts will be felt by the US by a contraction and or slower growth else where in global markets. For instance, Japan fell back into recession, Chinese growth remains mixed and recent data has not been very supportive to the Euro either given the outlook for the European economy remains bleak. A stronger dollar and disinflationary pressures are not a good cocktail for the US and markets are now taking a step back and reflecting post the recent FOMC minutes that draws out such concerns.

EUR/USD noteworthy levels

Current price is 1.2547, with resistance ahead at 1.2552 (Daily Classic PP), 1.2585 (Weekly Classic R1), 1.2592 (Daily Classic R1) and 1.2601. Next support to the downside can be found at 1.2541 (Daily 20 SMA), 1.2538 (Hourly 20 EMA) and 1.2515 (Hourly 100 SMA).

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