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EUR/USD drops, equities firm as Draghi speaks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The positive tone in the European equities added to the bearish pressure on the EUR, pushing the EUR/USD pair to a session low of 1.0675 levels.

    EUR drops as Draghi speaks

    The pair extended losses below 1.07 after the ECB's Draghi said the bank is ready to do whatever is necessary to address low inflation. He stressed that Economy needs more aid if recovery is not self-sustaining.

    The shared currency could continue to track the movement in the European equity markets, which have begun the day on a positive note. Germany’s DAX strengthened 0.15% in early Europe, along with a 0.16% gain in the FTSE and a 0.10% gain in the CAC.

    EUR/USD Technical Levels

    At 1.0685, the immediate support is located at 1.0667 (Nov 19 low), under which the pair could drop to 1.0616 (Nov 16 low). On the other side, resistance is seen at 1.0713 (4-hour 50-MA) and 1.08 levels.
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