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11 Dec 2014
EUR/USD making lower highs on hourly charts
FXStreet (Mumbai) - The single currency is down into the red against the US dollar after failing once again to breach and sustain above 1.2470 levels.
The EUR/USD pair now trades 0.09% lower at 1.2435 levels. Moreover, the EUR bulls have failed to extend gains, with each bounce making lower highs - 1.2491, 1.2475, and 1.2468 consecutively. The latest failure to sustain gains can be attributed to the fact that disappointing results from the European Central Bank’s (ECB) second round of LTRO have triggered hopes of a more aggressive action from the ECB.
Meanwhile, the markets also await the release of the weekly jobs data and the monthly advance retail sales number in the US. A sharp fall in the Jobless claims could weaken the EUR/USD pair. On similar lines, a strong November month’s advance retail sales number might weigh over the pair.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.2468, above which gains could be extended to 1.2491. Meanwhile, support is seen at 1.2418 and 1.2393 levels.
The EUR/USD pair now trades 0.09% lower at 1.2435 levels. Moreover, the EUR bulls have failed to extend gains, with each bounce making lower highs - 1.2491, 1.2475, and 1.2468 consecutively. The latest failure to sustain gains can be attributed to the fact that disappointing results from the European Central Bank’s (ECB) second round of LTRO have triggered hopes of a more aggressive action from the ECB.
Meanwhile, the markets also await the release of the weekly jobs data and the monthly advance retail sales number in the US. A sharp fall in the Jobless claims could weaken the EUR/USD pair. On similar lines, a strong November month’s advance retail sales number might weigh over the pair.
EUR/USD Technical Levels
The pair has an immediate resistance located at 1.2468, above which gains could be extended to 1.2491. Meanwhile, support is seen at 1.2418 and 1.2393 levels.