EUR/USD unmotivated around 1.2360

Pablo Piovano FXStreet

FXStreet (Edinburgh) - The shared currency remains in a very tight range against the dollar, with EUR/USD barely moving around 1.2370/65.

EUR/USD calm before the storm?

The results in line with expectations from EMU’s GDP figures during the third quarter (0.8% YoY, 0.2% QoQ) did nothing to spark any reaction in the pair, which continues submerged in the pre-Payrolls lull. Market consensus expects the US economy to have added 232K jobs during November vs. October’s 214K. With the ECB meeting behind, market participants will now shift their focus on the next TLTRO takeout due on December 11th and the January monetary policy meeting, when according to yesterday comments from ECB officials, a broad-based QE package will be announced.

EUR/USD levels to watch

At the moment the pair is down 0.13% at 1.2365 with the immediate support at 1.2280 (2014 low Dec.4) ahead of 1.2256 (low Aug.16 2012) and finally 1.2242 (low Aug.10 2012). On the upside, a breakout of 1.2393 (high Dec.5) would open the door to 1.2456 (high Dec.4) and then 1.2476 (21-d MA).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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