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EUR/USD challenges session lows

FXStreet (Edinburgh) - The shared currency keeps the defensive tone, with EUR/USD now putting 1.2470 to the test in the last part of the session on Thursday.

EUR/USD failed (again) at 1.2500

The 1.2500/20 band remains elusive for EUR-bulls so far, triggering the current leg lower to the 1.2470 region and trading closer to session troughs in the vicinity of 1.2460. Auspicious results from EMU’s Economic Sentiment, the German Gkf Survey and unemployment figures provided support for the EUR-upside, although the bull run lacked conviction to climb further. Moving forward to tomorrow’s docket in Euroland, the advanced November’s CPI will take centre stage (headline at 0.3% YoY exp.), ahead of German Retail Sales and EMU’s unemployment rate.

EUR/USD levels to watch

As of writing the pair is down 0.34% at 1.2466 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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