17 Dec 2014
EUR/USD falls below 1.2400
FXStreet (Córdoba) - EUR/USD broke below 1.2400 and pushed toward fresh daily lows as the dollar strengthened against majors ahead of the FOMC statement and weighed by ECB Coeure comments.
EUR/USD dropped more than 60 pips in a matter of minutes and hit a low of 1.2385 coincidentally with a spike of the dollar versus other Europeans counterparts and also pressured by comments from ECB Coeure saying there is broad consensus the ECB needs to do more.
At time of writing, EUR/USD is trading at 1.2395, recording a 0.91% loss on the day, having spent the last hours clung to 1.2460. Immediate support is now seen at 1.2370 (Dec 11 low), while the 21-hour SMA at 1.2375 should offer resistance on bounces.
Focus remains on the FOMC monetary policy statement that will be released at 19:00 GMT, with expectations growing around the Fed might drop the ‘considerable time’ reference to the appropriate period to maintain rates at record low.
EUR/USD dropped more than 60 pips in a matter of minutes and hit a low of 1.2385 coincidentally with a spike of the dollar versus other Europeans counterparts and also pressured by comments from ECB Coeure saying there is broad consensus the ECB needs to do more.
At time of writing, EUR/USD is trading at 1.2395, recording a 0.91% loss on the day, having spent the last hours clung to 1.2460. Immediate support is now seen at 1.2370 (Dec 11 low), while the 21-hour SMA at 1.2375 should offer resistance on bounces.
Focus remains on the FOMC monetary policy statement that will be released at 19:00 GMT, with expectations growing around the Fed might drop the ‘considerable time’ reference to the appropriate period to maintain rates at record low.