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EUR/USD threatens 1.2400

FXStreet (Edinburgh) - The selling interest around the common currency is picking up pace again, pushing EUR/USD to the boundaries of the psychological support at 1.2400.

EUR/USD still under the spell of Draghi

The pair remains well into the red territory, losing more than 1% and threatening to break below the key 1.2400 handle. The Draghi-effect keeps hovering over the markets at the end of the week, eroding earlier gains and confining spot to print fresh multi-day lows at the same time. Thomas Harr, Chief Analyst at Danske Bank, argued, “We expect EUR/USD to grind lower on monetary and growth divergence. We expect the ECB to reach for more tools in early 2015, paving the way for further EUR weakness”.

EUR/USD key levels

At the moment the pair is losing 1.00% at 1.2418 with the next support at 1.2398 (low Nov.4) ahead of 1.2394 (low Nov.11) and then 1.2358 (2014 low Nov.7). On the flip side, a breakout of 1.2569 (high Nov.21) would aim for 1.2575 (high Nov.30) and then 1.2589 (30-d MA).

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