EUR/USD around 1.0640 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency remained apathetic after the release of further US data today, with EUR/USD keeping the range near 1.0640.

    EUR/USD ignores lower Consumer Confidence

    Spot has shown no reaction after US releases have disappointed investors once again today. This time CB’s Consumer Confidence has deflated to 90.4 for the current month, missing expectations at 99.5. In addition, the Richmond Fed Manufacturing index has followed suit, down to -3 during the same period, coming in short of prior surveys and lower from October’s print.

    In the meantime, the pair’s upside seems to be capped around the 1.0660/70 band for the time being, all against the backdrop of persistent USD-weakness.

    EUR/USD levels to watch

    As of writing the pair is up 0.11% at 1.0639 with the next hurdle at 1.0702 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma). On the other hand, a breach of 1.0591 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16).
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