1 Dec 2014
EUR/USD holds near daily highs despite soft data
FXStreet (Córdoba) - EUR/USD reversed losses and climbed to fresh daily highs as the greenback weakened across the board weighed by USD/JPY sharp setback.
EUR/USD fell to the 1.2418 at the beginning of the European session, but managed to recover ground and rose toward daily high of 1.2473 despite disappointing Eurozone PMIs readings. At time of writing, EUR/USD is trading at 1.2465, up 0.16% on the day.
EUR/USD technical perspective
“Technically however, the 4 hours chart maintains the negative tone with price finding intraday resistance around 20 SMA, flat and converging with 100 one around mentioned daily high (1.2473), whilst indicators remain below their midlines”, said Valeria Bednarik, chief analyst at FXStreet. “Trading mid range, the pair remains contained between 1.2400 and 1.2520, the levels to break to determine a directional move over the upcoming sessions”.
EUR/USD fell to the 1.2418 at the beginning of the European session, but managed to recover ground and rose toward daily high of 1.2473 despite disappointing Eurozone PMIs readings. At time of writing, EUR/USD is trading at 1.2465, up 0.16% on the day.
EUR/USD technical perspective
“Technically however, the 4 hours chart maintains the negative tone with price finding intraday resistance around 20 SMA, flat and converging with 100 one around mentioned daily high (1.2473), whilst indicators remain below their midlines”, said Valeria Bednarik, chief analyst at FXStreet. “Trading mid range, the pair remains contained between 1.2400 and 1.2520, the levels to break to determine a directional move over the upcoming sessions”.