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EUR/USD back around 1.0870

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After another rejection from the 1.0900 handle, EUR/USD has now returned to the 1.0870/65 band.

    EUR/USD capped by 1.0900

    The pair’s downside seems to have found some support around 1.0830, although the broader bearish picture remains unaltered so far.

    Recent comments by Mario Draghi has confirmed the Council will reassess its monetary stance at its December meeting, with the increasing likeliness of the ECB incurring in additional easing measures in order to spur inflation figures.

    Another bearish development lingering over EUR comes from the USD side, which continues to be supported by the chances of the Fed hiking rates as soon as next month.

    EUR/USD levels to watch

    As of writing the pair is up 0.08% at 1.0868 and a break above 1.0970 (76.4% Fibo of 1.0808-1.1713) would open the door to 1.1059 (downtrend from 1.1496) and then 1.1101 (200-day sma). On the other hand, the next support lines up at 1.0808 (low Jul.20) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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