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EUR/USD fades the spike to 1.0660

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After a brief test of session highs near 1.0660, EUR/USD has now returned to the 1.0630/25 band.

    EUR/USD bid on poor US data

    Disappointing US results today plus auspicious prints from manufacturing and services PMIs in Euroland have given extra legs to the pair, although the bull run lost upside momentum ahead of the 1.0660 area, as the ‘sell on rallies’ stance keeps prevailing amongst traders.

    Ahead in the session the Fed’s close meeting is due next, with market participants watching closely this development, as it could gives further clues on a potential lift-off in December.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.20% at 1.0623 and a breakdown of 1.0601 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the other hand, the next up barrier aligns at 1.0703 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma).
    For more information, read our latest forex news.

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