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EUR/USD eyes on 2014 lows

FXStreet (Edinburgh) - The common currency remains unable to spark any attempt of recovery on Friday, with EUR/USD now breaching the significant support at 1.2400.

EUR/USD in 2-week lows

The pair slipped back below the 1.2400 handle pushed by the dovish tone by President Draghi in today’s speech in Frankfurt. The central banker highlighted the growing concerns around the short-term inflation expectations, stressing that the ECB will not hesitate in implementing further easing measures to push consumer prices in the region back to levels around the 2% target. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “today’s large and aggressive downside move opens up a test to the recent low of 1.2358, a break below here opens up a test to 1.2300, which we expect to eventually fall sustainably towards”.

EUR/USD key levels

At the moment the pair is losing 1.26% at 1.2386 with the next support at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2300 (psychological handle). On the flip side, a breakout of 1.2482 (10-d MA) would aim for 1.2525 (21-d MA) and then 1.2589 (30-d MA).

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