has broken the 1.2500 support, but found another one near the 1.2384 level, being the 23.6% retracement from the 2012 impulse wave. There is little conviction from a technical point of view, as the n

FXStreet (Edinburgh) - Not much going on in the euro area at the beginning of the week, with EUR/USD keeping the trade in sub-1.2500 levels so far.

EUR/USD focus on Draghi

The pair remains in the lower band of the range around 1.2490, coming down from tops near 1.2580 posted in early trade. After a promising start, the EUR-upside run out of legs, dropping to session lows in the 1.2490/80 band amidst a second-tier docket in Euroland and ahead of Draghi’s speech due later. In the view of Dmytro Bondar, Technical Strategist at RBS, the pair “has broken the 1.2500 support, but found another one near the 1.2384 level, being the 23.6% retracement from the 2012 impulse wave. There is little conviction from a technical point of view, as the next big move would depend on the test of this level”.

EUR/USD key levels

At the moment the pair is losing 0.25% at 1.2496 and a breach of 1.2474 (10-d MA) would expose 1.2459 (200-h MA) and finally 1.2398 (low Nov.14). On the flip side, the next hurdle lines up at 1.2580 (hourly high Nov.17) ahead of 1.2591 (hourly high Oct.31) and then 1.2614 (low Oct.23).