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12 Nov 2014

EUR/USD back to square one

FXStreet (Córdoba) - After bottoming out at the 1.2430 area, EUR/USD reversed intraday losses and turned flat for the day, tracking EUR/GBP moves.

EUR/USD bounced off lows and climbed to the upper 1.24’s, but the recovery was capped by 1.2490, sending the pair back to the 1.2480 zone, where it trades virtually unchanged on the day.

Data-wise, it's been a busy day for the UK but only second-tier data was released for the Eurozone, leaving the euro driven by cross action.

EUR/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that a negative tone prevails in short-term charts. “So far, 20 SMA has offered short term support at 1.2440, so it will take a clear break below it to confirm a steadier decline, eyeing an approach to 1.2370/1.2400 area”, commented the analyst. “Some consolidation above 1.2500 on the other hand is required to see the pair regaining the upside, up to 1.2550 price zone”.
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