EUR/USD back below 1.07, poised for a weekly loss?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair ran into offers again above 1.07 and appears on track for a weekly loss as the countdown for the Dec 3rd ECB meeting begins.

    Eyes daily lows

    At 1.0675, the pair has its eyes set on the daily low of 1.0664 set earlier today. Draghi’s dovish comments made sure the attempt the currency remains on a weak footing heading into the weekend. Draghi only reiterated his readiness to do more, but that was enough to send the 2-yr German yield to record low.

    However, the weakness in the stocks helped the currency pair revisit 1.07 in early US, before falling back to 1.0675 levels. The markets now wait for speech from the Fed officials – Bullard and Dudley.

    EUR/USD Technical Levels

    The immediate support is located at 1.0664 9daily low), under which the losses could be extended to 1.0616 (Nov 18 low). On the other side, the pair could rise t 1.0750 in case it manages to take out the offers seen in the resistance zone of 1.07-1.0713 (4-hr 50-MA).
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