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EUR/USD drops after Draghi hints more easing in December

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair fell to a session low of 1.0711 after the ECB President Draghi said the central bank would re-examine monetary easing at the December meeting.

    Eyes 1.07 handle

    The common currency is sliding fast towards 1.07 levels on Draghi’s comments. The President also said “of a sustained turnaround in core inflation have somewhat weakened”, which added to the bearish pressure on the EUR.

    So far, the comments are more or less in line with the October policy statement. Consequently, the selling pressure in the EUR appears to have stalled around 1.0710.

    EUR/USD Technical Levels

    The immediate support is seen at 1.07, which is followed by a support at 1.0674 (Nov 10 low). A break below the same would open doors for 1.06 handle. On the higher side, 1.0736 (hourly 50-MA) could offer resistance, above which the pair could make a run at the daily high of 1.0780.
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