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10 Nov 2014
EUR/USD backs away from daily highs
FXStreet (Córdoba) - EUR/USD came under pressure after failing to sustain above 1.2500 and has retreated further over the last hours, cutting intraday gains.
The bounce of EUR/USD from a 26-month low of 1.2357, found resistance at the 1.2508 during the European session, leaving the pair searching for fresh short-term direction in the absence of first-tier economic data or triggers. At time of writing, EUR/USD is trading at 1.2475, still up 0.15% on the day.
However, EUR/USD remains vulnerable on a broader bearish trend, despite the last sessions' recovery. Last week, dovish remarks from Draghi and weaker-than-expected US nonfarm payrolls, pushed the pair to its lowest level since August 2012 at 1.2357.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could find immediate resistances at 1.2508 (daily high), 1.2532 (10-day SMA/Nov 6 high) and 1.2566 (Nov 5 high). On the flip side, supports are seen at 1.2452 (daily low), 1.2439 (Nov 3 low) and not much till its 2014 low of 1.2357 (Nov 7 low).
The bounce of EUR/USD from a 26-month low of 1.2357, found resistance at the 1.2508 during the European session, leaving the pair searching for fresh short-term direction in the absence of first-tier economic data or triggers. At time of writing, EUR/USD is trading at 1.2475, still up 0.15% on the day.
However, EUR/USD remains vulnerable on a broader bearish trend, despite the last sessions' recovery. Last week, dovish remarks from Draghi and weaker-than-expected US nonfarm payrolls, pushed the pair to its lowest level since August 2012 at 1.2357.
EUR/USD levels to watch
In terms of technical levels, EUR/USD could find immediate resistances at 1.2508 (daily high), 1.2532 (10-day SMA/Nov 6 high) and 1.2566 (Nov 5 high). On the flip side, supports are seen at 1.2452 (daily low), 1.2439 (Nov 3 low) and not much till its 2014 low of 1.2357 (Nov 7 low).