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EUR/USD fails near 10-DMA, drops sharply to 1.0725

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - EUR/USD met fresh supply near 10-DMA located at 1.0760 on again and eased slightly from daily highs, as broad based USD strength and minor recovery on the European stocks continue to weigh.

    EUR/USD fades a spike to highs

    The EUR/USD pair trades -0.46% lower at 1.0724, easing-off fresh session highs reached at 1.0759. The main currency pair bought back the opening dip, although failed to extend further and slipped back below the daily R1 placed at 1.0734 levels as markets favour the US dollar amid looming uncertainties surrounding the Euro zone following the weekend’s terror acts on Paris.

    Moreover, the European indices are attempting recovery from steep losses seen at open, which further reduces the demand for the euro as a safe-haven. The German benchmark, the DAX turned positive and trades 0.10% higher, while the UK’s FTSE gains 0.41% and the Euro Stoxx 50 advances 0.20%.

    Markets now await the Euro zone final CPI data due later shortly for fresh incentives while the main event for this week remains the FOMC minutes.

    EUR/USD Technical Levels

    The pair clings onto 1.07 handle with the next hurdle in sight at 1.0759/61 (Today’s High/ 10-DMA) from there to 1.0789 (1h 200-SMA). While to the downside, the immediate support is seen at 1.0700/1.0688 (Psychological levels/ Today’s Low). Selling pressure will intensify below the last, dragging the pair towards 1.0654 (daily S2).
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