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2 Dec 2014
EUR/USD edges lower after EZ PPI
FXStreet (Córdoba) - Following a quiet Asian session, EUR/USD came under pressure and lost nearly half a cent over the last hours, as the dollar advances across the board.
EUR/USD stretched lower and printed a fresh daily low of 1.2429 after data showed Eurozone producer price index fell 0.4% in October versus a decline of 0.3% expected, recording the fastest decline in a year. However, the EUR/USD was already trading down on the day as investors remain cautious ahead of the European Central Bank meeting Thursday.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at 1.2435, recording a 0.26% loss on the day.
As for technical levels, next supports are seen at 1.2400 (psychological level/Nov 25 low), 1.2357 (2014 low Nov 7) and 1.2341 (Aug 21 2013 low). On the flip side, resistances are seen at 1.2505 (Dec 1 high), 1.2530 (Nov 26 high) and 1.2567 (Nov 21 high).
EUR/USD stretched lower and printed a fresh daily low of 1.2429 after data showed Eurozone producer price index fell 0.4% in October versus a decline of 0.3% expected, recording the fastest decline in a year. However, the EUR/USD was already trading down on the day as investors remain cautious ahead of the European Central Bank meeting Thursday.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at 1.2435, recording a 0.26% loss on the day.
As for technical levels, next supports are seen at 1.2400 (psychological level/Nov 25 low), 1.2357 (2014 low Nov 7) and 1.2341 (Aug 21 2013 low). On the flip side, resistances are seen at 1.2505 (Dec 1 high), 1.2530 (Nov 26 high) and 1.2567 (Nov 21 high).