16 Dec 2014
EUR/USD falls below 1.2400; ready to test 1.2475 support
FXStreet (San Francisco) - The Euro is extending its losses versus the US dollar as investors are selling the euro and returning to the Greenback before the FOMC meeting.
EUR/USD found sellers after reaching a 4-week high of 1.2570 and it dropped back below 1.2500 as investors took profit. Currently, EUR/USD is trading at 1.2484, up 0.40% on the day, having posted a daily high at 1.2571 and low at 1.2433.
EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD sentiment
"On Wednesday, the FOMC will have its last meeting of the year, and market expectations are of a change in the wording when it comes to maintain rates at record lows and lose the words 'considerable time." According to Valeria Bednarik from FXStreet, "if that’s the case, the USD can regain the ground lost these days, yet if the FED disappoints, the dollar sell-off will likely extend into year-end."
As for the short term. 1.2475 is the immediate support before 1.2440 and 1.2420. To the upside, resistance are at 1.2515, 1.2470 and 1.2600.
EUR/USD found sellers after reaching a 4-week high of 1.2570 and it dropped back below 1.2500 as investors took profit. Currently, EUR/USD is trading at 1.2484, up 0.40% on the day, having posted a daily high at 1.2571 and low at 1.2433.
EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
EUR/USD sentiment
"On Wednesday, the FOMC will have its last meeting of the year, and market expectations are of a change in the wording when it comes to maintain rates at record lows and lose the words 'considerable time." According to Valeria Bednarik from FXStreet, "if that’s the case, the USD can regain the ground lost these days, yet if the FED disappoints, the dollar sell-off will likely extend into year-end."
As for the short term. 1.2475 is the immediate support before 1.2440 and 1.2420. To the upside, resistance are at 1.2515, 1.2470 and 1.2600.