FXstreet.com (Barcelona) - The EUR/USD broke off from its 1.2242/1.2390 (Aug-10 low/55-day MA) range after breaching above the latter figure and rallied above 1.2400 level, on improved Eurozone sentiment also seen at equity markets. Investors are pricing in the growing hopes of ECB action.
After reaching as high as 1.2428 during the European session, the pair is now consolidating at 1.2415 area ahead of Fed’s Lockhart speech in the US, at 12:00 GMT.
“Immediate focus turns towards key short-term barrier at 1.2441, 06/07 Aug double top, break of which is required resume recovery off 1.2042, 24 July low and expose psychological 1.2500 barrier”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at previous resistance of 1.2400/1.2380.
After reaching as high as 1.2428 during the European session, the pair is now consolidating at 1.2415 area ahead of Fed’s Lockhart speech in the US, at 12:00 GMT.
“Immediate focus turns towards key short-term barrier at 1.2441, 06/07 Aug double top, break of which is required resume recovery off 1.2042, 24 July low and expose psychological 1.2500 barrier”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at previous resistance of 1.2400/1.2380.
