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EUR/USD bounces off 1.0900, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD picked up some pace into the New York close and climbed to positive ground for the day.

    EUR/USD had fallen to a daily low of 1.0902, just a few pips above yesterday’s bottom, but the dollar lacked momentum to drag the pair below the 1.09 mark. However, the subsequent bounce was also unable to break EUR/USD trading range, which is bounded by 1.0945 on the upside. At time of writing, EUR/USD is trading at 1.0930, up 0.11% on the day.

    US dollar barely reacted to disappointing data published earlier on the day. November pending home sales fell 0.9%, missing by far expectations of a 0.5% increase.

    As activity continues to wind down into the year end, majors remain confined to narrow ranges but vulnerable to sharp choppy moves amid thin volume.

    EUR/USD levels to watch

    As for technical levels, immediate resistances could be found at 1.0945 (Dec 30 high), 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1054 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high). On the flip side, supports are seen at 1.0902/1.0898 (Dec 30 & 29 lows), 1.0850 (50-day SMA), 1.0795 (Dec 7 low) and 1.0700 (psychological level).
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