9 Dec 2014
EUR/USD ascent halted near technical resistance
FXStreet (Mumbai) - The EUR/USD pair trades steady around 1.2450 levels after the gains were capped at the technical resistance around 1.2358 levels.
The pair now trades 0.25% higher at 1.2345 levels, marginally lower from the day’s high of 1.267 levels. The pair did manage to breach the technical resistance at 1.2358, although gains could not be sustained as the US treasury yields at the long end of the curve erased losses to trade higher. Meanwhile, a “negative rub-off” from a decline in GBP/USD on weak UK industrial production data also capped gains in the EUR/USD pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2358, above which pair faces another stiff resistance at 1.24 levels. Meanwhile, support is seen at 1.2292 and 1.2245 levels.
The pair now trades 0.25% higher at 1.2345 levels, marginally lower from the day’s high of 1.267 levels. The pair did manage to breach the technical resistance at 1.2358, although gains could not be sustained as the US treasury yields at the long end of the curve erased losses to trade higher. Meanwhile, a “negative rub-off” from a decline in GBP/USD on weak UK industrial production data also capped gains in the EUR/USD pair.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.2358, above which pair faces another stiff resistance at 1.24 levels. Meanwhile, support is seen at 1.2292 and 1.2245 levels.