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EUR/USD consolidates amid losses in European stocks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair is trading largely unchanged on the day now, trading around 1.0820 levels amid the losses in the European stock markets.

    Poised for a weekly loss

    The shared currency appears poised for a weekly loss after the two straight weeks of gains. The Fed’s hawkish 25 basis point hike pushed the EUR/USD well below its weekly opening price of 1.0984 levels. The selling pressure also gained traction on account of the repeated failure to sustain above the 200-DMA at 1.1030 levels.

    The trading activity may remain dull, heading into the weekend as volumes dry up ahead of the holiday season. The US markit services PMI and regional Fed manufacturing index may influence the pair. Losses in the European stocks could push US stocks lower and support EUR as well.

    EUR/USD Technical Levels

    The immediate support is seen at 1.08-1.0788 (50% of 1.0517-1.1060), under which the pair could drop to 1.0748 (23.6% of 1.1495-1.0517). On the other side, resistance is seen at 1.0890 (38.2% of 1.1495-1.0517), above which the pair could test 1.0940 (61.8% of Apr-Jun rally).
    For more information, read our latest forex news.
     

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