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EUR/USD drops further to 1.2470

FXStreet (Edinburgh) - EUR/USD is now falling further, printing fresh session lows in sub-1.2470 levels following German and EMU data releases.

EUR/USD softer post-data

The pair saw its intraday decline accelerates to the 1.2470 area after mixed data from the euro area and positive results from the German labour market. The jobless rate in Germany ticked lower to 6.6% for the month of November and the unemployment decreased more than forecasted 14K. In the broader euro bloc, the M3 Money Supply expanded below expectations at an annual pace of 2.5% while Private Loans contracted 1.1% on an annual basis, missing estimates albeit a tad better than the 1.2% previous contraction.

EUR/USD levels to watch

As of writing the pair is down 0.30% at 1.2471 and a breach of 1.2443 (low Nov.26) would open the door to 1.2402 (low Nov.25) and then 1.2358 (2014 low Nov. 7). On the other hand, the immediate resistance lines up at 1.2532 (high Nov.26) followed by 1.2550 (30-d MA) ahead of 1.2569 (high Nov.21).

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