EUR/USD fades a spike to 1.0960, PMIs eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair met fresh supply on its recovery towards hourly 100-SMA (1.0970) and reverted to the familiar range near 1.0940 region in recent dealings.

    EUR/USD eases-off highs as the USD wavers

    Currently, the EUR/USD pair trades 0.12% higher at 1.0945, retreating from fresh session highs reached at 1.0958. The main currency pair’s another attempt to extend its corrective rally failed near 1.0960 region and the prices trimmed gains and now turns lower to retest the hourly 200-SMA support placed at 1.0932.

    The gains appear capped in the EUR/USD pair as the US dollar erased losses and now looks to resume its upbeat momentum as the historic Fed rate hike decision looms. While the immediate economic data likely to be released this session are the German and Euro zone flash PMI reports. While the Euro zone final CPI data is also lined up for released today.

    Meanwhile, markets continue to track broader market sentiment, with the persisting risk sentiment restricting further upside in the major.

    EUR/USD Technical Levels

    The pair trades marginally higher, with the immediate resistance seen at 1.0966/70 (daily pivot/ 5-DMA). A break beyond the last, doors will open for a test of 1.1000 (round number). On the flip side, the immediate support is placed at 1.0903/00 (Dec 15 Low/ psychological levels), below which 1.0877 (Dec 9 Low) could be tested.

    What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.

    For more information, read our latest forex news.

Share This Page

free forex signals