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EUR/USD fails once again near 1.0600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD recovery from 1.0560 region fizzled once again just below 1.06 handle, and the prices drifted lower towards daily lows.

    EUR/USD eyes multi-month lows

    Currently, the EUR/USD pair trades modestly flat at 1.0573, dropping from session highs reached at 1.0597 earlier on the day. The main currency pair halts its recovery mode as the US dollar paused its corrective slide from multi-month highs against its major peers.

    Moreover, the major continues to find support from the lackluster US macro data released on Monday. Chicago PMI unexpectedly contracted to 48.7 in Nov, steeply down from 56.2 seen in October. While the US pending home sales missed market expectations and hovered near yearly lows.

    Meanwhile, markets now await a flurry from economic data from the Eurozone in the session ahead for fresh incentives on the pair while the ECB decision looms later this week.

    EUR/USD Technical Levels

    The pair remains capped by 1.06 handle, with the immediate support seen at 1.0558 (Nov 30 Low). Selling pressure will intensify below the last, dragging the pair towards 1.0519 (April Low). While to the upside the next hurdle in sight is located at 1.0612 (10-DMA) and from there to 1.0668 (20-DMA).
    For more information, read our latest forex news.
     

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