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EUR/USD bounces off 1.0670

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The offered tone keeps advancing around the single currency at the end of the week, taking EUR/USD back to sub-1.07 levels.

    EUR/USD weaker on Draghi, dollar

    The pair has returned to the negative territory on Friday following the dovish remarks by President M.Draghi, who stressed the need to overcome the low levels of inflation in the region.

    Collaborating with the downbeat momentum in the pair, the buying mood is coming back to the greenback, recovering ground lost after the deep sell off in the wake of the FOMC minutes (Wednesday).

    EUR/USD levels to watch

    As of writing the pair is retreating 0.47% at 1.0682 and a breakdown of 1.0617 (low Nov.18) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the other hand, the next up barrier aligns at 1.0781 (accelerated downtrend from 1.1496) would target 1.0829 (high Nov.12) en route to 1.1069 (200-day sma).
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