EUR/USD challenges cycle lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended losses during the American session as the dollar staged a broad comeback that was fueled by solid US jobs data, with the pair retracing completely previous day’s gains.

    EUR/USD dropped nearly 80 pips over the day and hit a daily low of 1.0558, pausing the decline just above its 7-month low scored last Friday. At time of writing, the pair is trading at 1.0567, recording a 0.56% loss on the day.

    Traders’ attention now turns to the European Central Bank decision on Thursday when the bank is expected announce more monetary stimulus in the form of a deposit rate cut and/or an expansion of its QE programme, which if confirmed will add further pressure on the euro.

    EUR/USD key levels

    In terms of technical levels, next supports for EUR/USD are seen at 1.0557 (7-month low Nov 30), 1.0520 (Apr 13 low), 1.0500 (psychological level) and then 1.0462 (2015 low Mar 13). On the upside, immediate resistances could be faced at 1.0636/37 (Nov 27, Dec 1 highs), 1.0700 (psychological level), 1.0762 (Nov 19 high) and 1.0829 (Nov 12 high).
    For more information, read our latest forex news.

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