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EUR/USD drops below 1.08 after Fed Lockhart’s comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Fed’s Lockhart’s comments, though not surprising, saw the EUR/USD pair shed a few pips to hit a session low of 1.0796 levels before recovering slightly to 1.0806 levels.

    EUR awaits US opening bell

    The EUR traders are now eyeing the action in the US stock markets. At the moment, the major index futures in the US are pointing to a positive opening. The traders would be interested to see if the stock markets react positively/negatively to increased prospects of a rate hike and accordingly adjust positioning in the funding/safe haven currencies.

    The Asian stocks traded on a mixed note, but the European stocks rallied, thereby pushing the funding currency EUR lower.

    EUR/USD Technical Levels

    At the moment, the pair is trading around the July low of 1.0808. A break lower would expose 1.0747 (23.6% of 1.1495-1.0517) and 1.07 levels. On the other side, the pair could re-test 1.0883 (hourly 50-MA) and 1.0890 (38.2% of 1.1495-1.0517) if it rebounds from 1.0808 levels.
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