EUR/USD extends losses as equities rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone on the EUR weakened further, pushing the EUR/USD to a fresh daily low of 1.0915 as the stock markets across Europe ticked higher.

    Hovers around hourly 200-MA

    The pair currently trades around the hourly 200-MA at 1.0921 levels. The positive action in the stock markets has once again led to the weakness in the EUR. The common currency advanced for the last three consecutive days on the back of the minor jitters seen in the European and US financial markets.

    Later in the day, a batch of US data – durable goods orders, personal spending and personal income could influence the pair.

    EUR/USD Technical Levels

    A break below 1.0890 (38.2% of 1.1495-1.0517), would expose the support at 1.0803 (Dec 17 low). On the other hand, a break above 1.0940 (61.8% of Mar-Aug rally) would open doors for a re-test of 1.1006 (50% of 1.1495-1.0517).
    For more information, read our latest forex news.

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