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EUR/USD testing highs around 1.2415

FXStreet (Edinburgh) - The shared currency is gyrating around the 1.2410/15 area on Monday, taking EUR/USD> to test session peaks at the same time.

EUR/USD looks to consolidate above 1.2400

It seems the pair left behind the Draghi-induced pullback on Friday, now looking to pick up pace beyond 1.2400 the figure albeit at a snail pace. Market participants remained indifferent after the ZEW indicator surpassed estimates for the present month in Germany, and will now focus on the US releases from the Services and Composite PMIs tracked by Markit due later. “Being turned back from the trend likely signals the resumption of the downtrend, even though market positioning (in the futures market) and sentiment seem nearly as extreme as ever. A break of the $1.2360 area would target $1.2230, on the way to $1.20 in the coming weeks”, suggested analysts at BBH.

EUR/USD key levels

At the moment the pair is advancing 0.16% at 1.2412 and a breakout of 1.2477 (10-d MA) would aim for 1.2511 (21-d MA) and then 1.2569 (high Nov.21). On the flip side, the initial support aligns at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2300 (psychological handle).

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