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EUR/USD attempts a tepid-bounce to 1.0750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - EUR/USD continues to trade around a flat-line over the past few hours, retracing slightly from fresh session lows struck just ahead of the daily pivot at 1.0711.

    EUR/USD hovers around hourly 20-SMA

    The EUR/USD pair trades -0.31% lower at 1.0741, struggling hard to recover losses. The main currency pair attempts tepid-bounce from session lows in the mid-European trades, as the US dollar halted its recent upsurge against its major peers and eased-off highs. The USD index trades 0.26% higher at 99.14, reversing a spike to 99.30 highs.

    Moreover, the upbeat Euro zone inflation report also lends a helping hand to the ongoing recovery in EUR/USD. On annual basis, Euro zone final CPI stood at 0.1%, accelerating from -0.1%. Meanwhile, the core CPI gauge ticked higher to 1.1% in October, Eurostat showed on Monday.

    Further, the lack-lustre performance on the European indices, with markets still digesting Paris terror news, continues to cushion the downside in the major. The German benchmark, the DAX turned positive and trades 0.18% higher, while the UK’s FTSE pared gains and now trades 0.21% higher and the Euro Stoxx 50 trades modestly flat.

    Markets now look forward to the US Empire State manufacturing index for further cues ahead of the crucial German ZEW and the US CPI data due tomorrow. While the main event for this week remains the FOMC minutes.

    EUR/USD Technical Levels

    The pair clings onto 1.07 handle with the next hurdle in sight at 1.0759/61 (Today’s High/ 10-DMA) from there to 1.0789 (1h 200-SMA). While to the downside, the immediate support is seen at 1.0714/11 (Session Low/ daily pivot). Selling pressure will intensify below the last, dragging the pair towards 1.0700/1.0688 (Psychological levels/ Today’s Low).
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