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EUR/USD breaks below 1.0800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The selloff of the EUR/USD extended through the 1.0800 level to fresh 1-month lows as the greenback continues to strengthen across the board, reversing early weakness.

    EUR/USD lost more than 150 pips from daily highs and slid through several support levels to struck a low of 1.0780 during the New York session, despite the release of below expectations US manufacturing and construction data.

    Tensions in the Middle East and a plunge in China’s stock market, triggered by disappointing data, fueled risk aversion across financial markets, favoring safe-havens.

    EUR/USD supports & resistances


    As for technical levels, next supports are now seen at 1.0700 (psychological level), 1.0635/40 (late Nov, early Dec highs) and 1.0600 (psychological level). On the flip side, resistances could be faced at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
    For more information, read our latest forex news.
     

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