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EUR/USD clings to 1.06, EMU CPI eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency has resumed its downside vs. the greenback on Wednesday, taking EUR/USD to the 1.0615/10 band.

    EUR/USD attention to EMU’s CPI

    The pair’s upbeat momentum has run out of legs in the vicinity of 1.0640 at the beginning of the week, sparking the current leg lower to the 1.06 neighbourhood as the greenback shrugs off the initial weakness.

    Spot will remain under pressure nonetheless, as preliminary inflation figures for the month of November are due in the euro area, preceding the ADP employment report across the pond (190K exp.) and Chairwoman J.Yellen’s speech.

    EUR/USD levels to watch

    As of writing the pair is losing 0.21% at 1.0609 facing the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.1013 (55-day sma).
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