EUR/USD attempts a rebound to 1.0980

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency remains in the negative territory vs. the greenback, with EUR/USD meandering the 1.0960/70 area.

    EUR/USD indifferent on Draghi

    Spot keeps the range today following the speech by ECB’s M.Draghi, who once again defended the current quantitative easing programme and reiterated the ECB is ready to use all its disposable tools in order to achieve price stability. In that direction, he expects consumer prices to reach the central bank’s target in response to the recent re-evaluation of the bank’s policy tools.

    Data wise in Euroland, EMU’s Industrial Production has surpassed expectations during October. Nothing of note is expected across the pond today, while the CPI will take centre stage tomorrow.

    EUR/USD levels to consider

    At the moment the pair is losing 0.08% at 1.0980 and a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the flip side, the next hurdle lines up at 1.1041 (high Dec.9) followed by 1.1060 (100-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524).

    What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.

    For more information, read our latest forex news.

Share This Page

free forex signals