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EUR/USD drops further to 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency has surrendered its initial gains vs. the dollar, now sending EUR/USD to print daily lows in the mid-1.0900s.

    EUR/USD lower on US data

    The selling pressure around EUR has been gathering traction following auspicious results from US inflation figures, showing the CPI has risen at an annual pace of 0.5% on a year to November, surpassing estimates.

    In the meantime, the pair keeps the erratic trade during the first half of the week, finding quite decent support in the 1.0950 area while gains remain somewhat capped in the mid-1.10s, all ahead of the critical FOMC meeting due tomorrow.

    EUR/USD levels to consider

    At the moment the pair is losing 0.26% at 1.0956 and break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0808 (low Jul.20) and finally 1.0753 (23.6% Fibo of 1.1496-1.0524). On the other hand, the initial hurdle aligns at 1.1061 (100-day sma) followed by 1.1124 (61.8% Fibo of 1.1496-1.0524) and then 1.1266 (76.4% Fibo of 1.1496-1.0524).
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