EUR/USD breaks below 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended weakness at the beginning of the American session and finally broke below the 1.0900 area, which had provided support throughout the week.

    EUR/USD broke its weekly range to the downside, sliding to a low of 1.0879, last seen Dec 23, as buying interest surrounding the greenback intensified into the final trading hours of 2015.

    However, from a wider view, EUR/USD continues to trade directionless within 1.0800 - 1.1000 ever since the last Fed meeting, when the bank decided to hike rates for first time in nearly a decade.

    On the data front, US initial jobless claims and the Chicago PMI will be released later on the day.

    EUR/USD levels to watch

    In terms of technical levels, immediate supports are seen at 1.0841 (50-day SMA), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the flip side, next resistances could be found at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1051-54 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
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