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EUR/USD stuck below 1.2500

FXStreet (Edinburgh) - The shared currency is trading almost unchanged vs. the greenback on Wednesday, with EUR/USD hovering over the 1.2470 area.

EUR/USD focus on US docket

Spot is extending its consolidation pattern between 1.2450 and 1.2500 so far, looking to recover ground lost after Friday’s sharp sell-off post-Draghi’s comments. Nothing of note in the euro area today will leave the attention exclusively to the US docket, with Personal Income/Spending, the Reuters/Michigan index and Durable Goods Orders as the main highlights. In the view of Chief Analyst Signe Roed-Frederiksen at Danske Bank, “The broad USD is consolidating on the back of a mixed set of US data. We believe that
the risks are skewed towards a stronger USD this week, particularly versus the EUR and
CHF”.

EUR/USD key levels

At the moment the pair is losing 0.04% at 1.2471 with the next support at 1.2358 (2014 low Nov.7) followed by 1.2342 (low Aug.21 2012) and then 1.2295 (low Aug.20 2013). On the upside, a break above 1.2500 (21-d MA) would expose 1.2569 (high Nov.21) ahead of 1.2600 (psychological level).

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