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EUR/USD depressed around 1.0730

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The European currency seems unable to gather traction today, relegating EUR/USD to the lower bound of the daily range near 1.0730.

    EUR/USD keeps the red figures ahead of US data

    The pair remains biased towards further downside after being rejected from the vicinity of 1.0800 the figure on Monday, while the re-emergence of the buying interest around the dollar is also collaborating with the downbeat sentiment.

    Ahead in the session, Import/Export Prices and Wholesale Inventories are due across the pond, while the EcoFin meeting will take centre stage in the Old Continent.

    EUR/USD levels to watch

    As of writing the pair is down 0.21% at 1.0734 and a break below 1.0706 (low Nov.6) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the flip side, the next resistance lines up at 1.0969 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1092 (200-day sma).
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