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EUR/USD back above 1.0700 but still down for the day

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) - The euro trimmed losses against the US dollar during the last hours and it managed to rise back above 1.0700. Despite the recovery is still headed toward the lowest close in seven months.

    EUR/USD bottomed at the beginning of the American session at 1.0673, the lowest level since April. Afterwards it moved sideways between 1.0705 and 1.0670. A few minutes ago it broke the upper limit of the range and rose to 1.0723, hitting the strongest level since European hours.

    Current is trading at 1.0715/20, almost 50 pips above the lows but still down for the day. The immediate intraday resistance might be seen at 1.0728, where the hourly 20 SMA stands and above the next potential short term barrier lies at 1.0760/65 (daily highs).

    EUR/USD consolidating below 1.0800

    Last week the pair broke an important support at 1.0800 and during the current week it pulled back toward that level but it remained below, confirming the break and leaving the doors open for a bigger decline.

    The trend continues to favor the US dollar as the pair continues to move toward a new equilibrium level. It has fallen more than 800 pips during the last 30 days. The two key supports areas to the downside lie at 1.0650/60 and 1.0460 (2015 lows).
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