Thursday, November 13, 2014

$EUR/USD finds resistance at 1.2475

$EUR/USD managed to recover some ground Thursday amid broad dollar weakness, but failed to overcome the 1.2475 area and retreated somewhat ahead of the New York opening. 

In the absence of first-tier economic data, most pairs in the FX space continue to trade within recent ranges. No surprises in today’s Eurozone October inflation data as Germany, Spain, and Italy were all in line with their initial prints, while France came in just a touch firmer than expected. 

$EUR/USD was on the rise, helped by $EUR/GBP strong gains, and reached a daily peak of 1.2475 before finding resistance and pulling back. At time of writing, the pair is trading at 1.2460, still up 0.18% on the day.

$EUR/USD technical perspective

“So far this week, the pair has found buyers around 1.2400 and sellers in the 1.2500 area, so it will take some steady move outside the 100 pips range to set a clearer directional move”, said Valeria Bednarik, chief analyst at FXStreet. “In the meantime, playing such range with tight stops seems to be the name of the game”.