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EUR/USD at fresh session highs as European stocks drop

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD pair printed a fresh session high of 1.0645 as the stock markets across Europe dipped in the early session.

    Trades above hourly 50-MA

    The shared currency now trades just above its hourly 50-MA located at 1.0638. The EUR found bids as the pan-European Euro Stoxx 50 index fell 1%. Germany’s DAX and UK’s FTSE also dropped 0.70% each. The German GDP data released earlier today failed to have any impact on the pair.

    Later today, the second estimate of the US Q2 GDP will hit the wires and may create sharp moves in the FX markets.

    EUR/USD Technical Levels

    A failure to sustain above 1.0638 (hourly 50-MA) could push the pair back to 1.06 levels, under which the losses could be extended to 1.05 levels. On the higher side, resistance is seen at 1.0666 (hourly 100-MA) and 1.0690 (hourly 200-MA).
    For more information, read our latest forex news.

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