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EUR/USD climbs further, 1.0670 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency keeps its buoyancy intact during the European morning, lifting EUR/USD to test fresh peaks near 1.0670.

    EUR/USD boosted by IFO

    The pair has seen its upside accelerated after the German IFO has surpassed expectations for the current month, with Business Expectations, Current Assessment and Business Climate all coming in above estimates.

    Spot has managed to revert the drop to fresh 7-month lows around 1.0590 during the NA session on Monday, picking up further pace against a backdrop of renewed USD softness.

    EUR/USD levels to watch

    As of writing the pair is up 0.28% at 1.0656 with the next hurdle at 1.0702 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma). On the other hand, a breach of 1.0591 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16).
    For more information, read our latest forex news.
     

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