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EUR/USD back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD entered a consolidative phase just above the 1.08 mark on Friday with the Fed rate hike out of the way and markets entering holiday mode.

    EUR/USD rose to a high of 1.0867 during the European session but failed to hold gains and pulled back to the 1.0805 zone before finding support. The pair is trading back at square one at the 1.0835 zone ahead of the Wall Street opening.

    During the New York session, data includes US Markit services and composite PMIs preliminary readings for December and Kansas City Fed manufacturing index.

    EUR/USD levels to watch

    In terms of technical levels, next supports are seen at 1.0795 (Dec 7 low), 1.0787 (21-day SMA) and 1.0635 (Dec 1 & 2 highs). On the flip side, immediate resistances line up at 1.0911 (50-day SMA), 1.1037 (200-day SMA) and 1.1055/59 (100-day SMA/Dec 15 high).
    For more information, read our latest forex news.
     

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