EUR/USD bulls last dance on 1.06 handle?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/USD is currently trading on the bid at 1.0600 with a high of 1.0638 and a low of 1.0568.

    EUR/USD has managed a score back onto the 1.06 handle in thin trade as we head in towards the close for the week and month and has made a very minor recovery in an otherwise bearish trend.

    The anticipation for December's business is for a weak euro in respect of the ECB meeting and favouritism for the greenback in repatriation flows and the possibility of a Fed hike. The pocket-sized rally comes with little substance and the bears position are well marked on the charts as we head into Nonfarm Payrolls and Fed speak week next week.

    EUR/USD downside levels

    Technically, EUR/USD has been testing the key supporting area of 1.0560/20. This is the 2000-15 support line and April low. A continuation of the downside will target the 1.0457 March low and this could be a tough area to break.
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