EUR/USD faded the spike to 1.0690

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The upside momentum in the common currency has now run out of vigour around 1.0690, with EUR/USD now returning to the 1.0670/65 band.

    EUR/USD upside capped near 1.0700

    The buying interest seems to have woken up around EUR on Wednesday following an initial profit-taking session around the greenback in light of the strong rally seen as of late. However, the bullish attempt lost momentum near 1.07 the figure, triggering the current leg lower.

    In the meantime, spot will remain vulnerable ahead of the FOMC minutes, where consensus sees the Committee leaning further towards a December rate hike by the Federal Reserve.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.18% at 1.0666 and a break above 1.0808 (downtrend from 1.1496) would target 1.0829 (high Nov.12) en route to 1.1076 (200-day sma). On the other hand, the next support aligns at 1.0600 (psychological level) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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