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EUR/USD drops further towards 1.0580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency has sharply reverted the initial positive tone, now dragging EUR/USD to fresh lows in the 1.0580 area.

    EUR/USD weaker post-EMU data

    The pair has intensified its daily decline after mixed results in the euro area showed Economic Sentiment and Consumer Confidence coming in above expectations, while Business Climate and Industrial Confidence missed initial estimates.

    In the meantime, spot has quickly faded the spike to daily tops near 1.0640 before the opening bell in Euroland, against a backdrop of increasing buying interest around the greenback.

    EUR/USD levels to watch

    As of writing the pair is losing 0.21% at 1.0585 with the next support at 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0829 (high Nov.12) would aim for 1.1054 (200-day sma) and finally 1.1078 (100-day sma).
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