The Bloc pair reached as high as 1.2542 in the Asian session, after it fell from as low as 1.2288, the lowest for almost 2 year, it was mid July 2010 when EUR/USD was last seen playing at this price mark.
The upward movement of the major pair did not last long. After it fell down a bit throughout the rest of the Asian session, the pair nose dive in the start of the European session. It dops down to 1.2415, the lowest today, more than a hundred pips were lost.
Slobodan Drvenica a Windsor Brokers Market Analyst said id his article, “This morning’s corrective easing tests initial support at 1.2500, with more significant level at 1.2450 zone, last Friday’s post-data peaks / Fib 38.2% and 55 day EMA, required to contain dips and keep near-term bulls in play. Otherwise, break here would weaken the structure”.