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EUR/USD extends the drop near 1.0940

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The weakness around the single currency keeps growing bigger today, now dragging EUR/USD to test lows near 1.0940.

    EUR/USD down from 1.1050

    Spot is shedding more than a big-figure since yesterday’s tops in the mid-1.1000s following a re-emergence of the buying interest around the US dollar. In the meantime, risk appetite trends, Bunds performance and expectations of a Fed’s lift-off at its meeting next week remain the exclusive drivers behind the pair’s price action.

    Data wise, US Initial Claims and Export/Import Prices are due later followed by the speech by BuBa’s J.Weidmann.

    EUR/USD levels to consider

    At the moment the pair is losing 0.69% at 1.0940 and a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the flip side, the next hurdle lines up at 1.1063 (100-day sma) ahead of 1.1124 (61.8% Fibo of 1.1496-1.0524) and then 1.1219 (downtrend from May 2014).
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