EUR/USD retreats from 1.2500
The pair keeps correcting lower from yesterday’s failed attempt to regain the 1.2500 handle and beyond, depressed by a better sentiment surrounding the greenback. Traders quickly shrugged off poor results from the manufacturing PMIs in the euro area on Monday, pushing spot to the 1.2510 neighbourhood backed by a generalized USD weakness at the beginning of the week. Nothing relevant in the data front from the euro zone, with only Producer Prices due for the month of October; in the US economy, Construction Spending will be in the spotlight in an otherwise non-relevant docket.
EUR/USD levels to watch
As of writing the pair is down 0.12% at 1.2456 and a breach of 1.2419 (low Dec.1) would open the door to 1.2402 (low Nov.25) and finally 1.2358 (2014 low Nov.7). On the upside, the initial hurdle aligns at 1.2507 (high Dec.1) followed by 1.2520 (30-d MA) and then 1.2524 (high Nov.27).
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