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EUR/USD advances to highs near 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The common currency keeps pushing higher on Wednesday, sending EUR/USD to fresh daily highs in the mid-1.0900s.

    EUR/USD remains bid above 1.09

    Spot remains on a buoyant tone in the mid of the week, sustained by the renewed selling interest around the US dollar. In fact, after an ephemeral test of sub-1.0800 levels on Monday, the pair has regained upside momentum and is now trading closer to post-ECB tops in the 1.0980 area.

    Data wise in Euroland, German trade surplus has widened more than estimated during October despite the 1.2% drop in exports. Nothing worth mentioning from across the pond, although the EIA weekly report on crude inventories will grab attention amidst the ongoing slump in crude oil prices.

    EUR/USD levels to consider

    At the moment the pair is up 0.41% at 1.0939 with the next hurdle at 1.0983 (high post-ECB Dec.3) ahead of 1.1032 (200-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524). On the other hand, a break below 1.0753 (23.6% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13).

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