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EUR/USD falls below 1.0600 for first time since April

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD pierced the 1.06 mark and posted its lowest level in over seven months as the dollar picked up pace over the last minutes despite a string of disappointing US data as investors await a statement from a closed Fed meeting.

    After being rejected from a daily high of 1.0655, EUR/USD resumed the decline and hit a low of 1.0592 in recent dealings. At time of writing, the pair is trading 1.0602, recording a 0.39% loss on the day.

    Prospects that the Fed will raise rates next month in contrast with expectations of more stimulus coming in Europe, continue to weigh on EUR/USD.

    EUR/USD levels to watch

    As for technical levels, immediate supports could be faced at 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low) ahead of 1.0500 (psychological level). On the flip side, resistances are seen at 1.0699 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
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