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EUR/USD challenges 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD has managed to advance a few pips on Tuesday and hovers near the 1.0900 level, as the dollar trades mixed across the board against a backdrop of cautious calm ahead of Federal Reserve meeting next week.

    Following a corrective phase from 1-month highs, EUR/USD managed to resume the advance on Tuesday and is threatening to regain the 1.09 mark. Having scored a daily high of 1.0899, the pair is currently trading at 1.0893, up 0.53% on the day.

    EUR/USD will likely continue to trade on sentiment with the ECB behind, and US data having virtually no impact on the dollar at this point, as most investors now are taking as a done deal the Fed liftoff next week.

    EUR/USD short-term levels

    As for technical levels, immediate resistances could be faced at 1.0955/60 (Dec 4 high/50-day SMA), 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1030 (200-day SMA). On the flip side, 1.0829 (Dec 8 low), 1.0795 (Dec 7 low) and 1.0706/00 (21-day SMA/psychological level).
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