20 Nov 2014
EUR/USD back to 1.2520 on data
FXStreet (Edinburgh) - EUR/USD is now returning to the 1.2520 region following the better-than-expected CPI figures in the US economy during October.
EUR/USD rebound stalled at 1.2550
The bounce off session lows in the boundaries of 1.2500 the figure run out of steam around 1.2550, after US headline consumer prices tracked by the CPI advanced above expectations 1.7% on an annualized basis while came in flat inter-month; Core prices also surpassed forecasts at 1.8% YoY and 0.2% MoM. Further data also showed Initial Claims a tad lower at 291K in the week ended on November 15th vs. 293K in the previous week. “While the subsequent pull-back from the high has dented the upward momentum, the undertone is still positive and another leg higher towards 1.2600 is likely. Expect the support at 1.2500 to hold for a move towards 1.2610”, commented strategists at UOB Group.
EUR/USD levels to consider
As of writing the pair is losing 0.16% at 1.2521 with the immediate support at 1.2485 (10-d MA) ahead of 1.2483 (200-h MA) and finally 1.2442 (low Nov.18). On the upside, a breakout of 1.2596 (30-d MA) would aim for 1.2602 (high Nov.19) and then 1.2614 (low Oct.23).
EUR/USD rebound stalled at 1.2550
The bounce off session lows in the boundaries of 1.2500 the figure run out of steam around 1.2550, after US headline consumer prices tracked by the CPI advanced above expectations 1.7% on an annualized basis while came in flat inter-month; Core prices also surpassed forecasts at 1.8% YoY and 0.2% MoM. Further data also showed Initial Claims a tad lower at 291K in the week ended on November 15th vs. 293K in the previous week. “While the subsequent pull-back from the high has dented the upward momentum, the undertone is still positive and another leg higher towards 1.2600 is likely. Expect the support at 1.2500 to hold for a move towards 1.2610”, commented strategists at UOB Group.
EUR/USD levels to consider
As of writing the pair is losing 0.16% at 1.2521 with the immediate support at 1.2485 (10-d MA) ahead of 1.2483 (200-h MA) and finally 1.2442 (low Nov.18). On the upside, a breakout of 1.2596 (30-d MA) would aim for 1.2602 (high Nov.19) and then 1.2614 (low Oct.23).