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EUR/USD attempts to recover from below 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD recovered slightly from fresh 6-month lows scored during the New York session after finding support at the 1.0675 area.

    The dollar strengthened across the board and dragged EUR/USD to its lowest level since April as investors continue to price in a December lift-off by the Fed, while the euro remains weighed by prospects of a looser policy by the ECB.

    EUR/USD broke below post-NFP lows and the 1.0700 level to hit a low of 1.0674. The pair has recovered a few pips but the subsequent bounce has found resistance at the 1.0705 zone, keeping the pair vulnerable to further declines. At time of writing, EUR/USD is trading at 1.0690, 0.56% below its opening price.

    EUR/USD levels to consider

    As for technical levels, next supports are seen at 1.0660 (Apr 21 low), 1.0624 (Apr 16 low) and then 1.0570 (Apr 15 low). On the other hand, resistances could be found at 1.0790 (Nov 9 high), 1.0896 (Nov 5 high) and 1.0966 (Nov 4 high).
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