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EUR/USD comes down to test 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The European currency keeps losing altitude on Tuesday, now dragging EUR/USD to test the key support at 1.1000.

    EUR/USD trims gains ahead of US CPI

    The pair has faded the initial spike to daily highs near 1.1060 and is now challenging the psychological support at 1.1000, against the backdrop of a generalized weakness surrounding the greenback.

    Next of relevance for the pair will be US inflation figures during November. Market consensus sees headline consumer prices advancing at an annual pace of 0.4% while the core reading is expected at 2.0% YoY.

    EUR/USD levels to consider

    At the moment the pair is up 0.22% at 1.1010 with the next resistance at 1.1061 (100-day sma) followed by 1.1124 (61.8% Fibo of 1.1496-1.0524) and then 1.1266 (76.4% Fibo of 1.1496-1.0524). On the downside, a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0808 (low Jul.20) and finally 1.0753 (23.6% Fibo of 1.1496-1.0524).
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