5 Dec 2014
EUR/USD finds support around 1.2340
FXStreet (Edinburgh) - The euro is managing to gather some steam now vs. the greenback, pushing EUR/USD back to the 1.2370/75 band from the boundaries of 1.2340.
EUR/USD between NFP and ECB
Spot has already passed the ECB test yesterday, spiking to the vicinity of 1.2460 after President Draghi surprised investors striking an unexpected hawkish tone in the bank’s statement and his subsequent press conference. However, that not would be all, as later comments by ECB officials unveiled a plan to announce a broad-based QE package in the January meeting. Later on during the European afternoon, the critical US Non farm Payrolls are due, with expectations gyrating around 232K for the month of November. Further data, although not as relevant, will show results for the Trade Balance, Factory Orders and Consumer Credit Change, along with speeches by FOMC’s Mester and Fed’s Fischer.
EUR/USD levels to watch
At the moment the pair is down 0.08% at 1.2372 with the immediate support at 1.2280 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2393 (high Dec.5) would open the door to 1.2456 (high Dec.4) and then 1.2476 (21-d MA).
EUR/USD between NFP and ECB
Spot has already passed the ECB test yesterday, spiking to the vicinity of 1.2460 after President Draghi surprised investors striking an unexpected hawkish tone in the bank’s statement and his subsequent press conference. However, that not would be all, as later comments by ECB officials unveiled a plan to announce a broad-based QE package in the January meeting. Later on during the European afternoon, the critical US Non farm Payrolls are due, with expectations gyrating around 232K for the month of November. Further data, although not as relevant, will show results for the Trade Balance, Factory Orders and Consumer Credit Change, along with speeches by FOMC’s Mester and Fed’s Fischer.
EUR/USD levels to watch
At the moment the pair is down 0.08% at 1.2372 with the immediate support at 1.2280 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2393 (high Dec.5) would open the door to 1.2456 (high Dec.4) and then 1.2476 (21-d MA).