EUR/USD clings to gains below 1.06

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After a failed attempt to clinch the 1.06 handle, EUR/USD has returned to the 1.0580 area ahead of significant data releases in Euroland.

    EUR/USD focus on Germany, EMU data

    The pair has managed to regain some pips after testing recent fresh multi-month lows in the mid-1.0500s, although gains appear so far capped by the 1.0600 neighbourhood for the time being.

    Quite interesting docket in the euro area today, with final manufacturing PMI prints for the month of November and German/EMU unemployment figures, all ahead the critical ISM Manufacturing PMI across the pond.

    EUR/USD levels to watch

    As of writing the pair is up 0.21% at 1.0589 and a breakout of 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.1012 (55-day sma). On the flip side, the immediate support aligns at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16).
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