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EUR/USD falls below 1.0700

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 (Córdoba) - EUR/USD extended its decline and dropped below the 1.07 mark during the American afternoon, posting fresh 6-day lows.

    EUR/USD is on track to post its second daily loss in a row in a quiet session, with fundamentals still favoring the dollar amid a cautious mood in financial markets and speculation the Federal Reserve will raise rates next month in contrast with the ECB which is expected to deepen QE.

    EUR/USD levels to watch

    At time of writing, EUR/USD is trading at 1.0686, recording a 0.50% loss on the day. In terms of technical levels, immediate supports are seen at 1.0681 (Nov 16 low), 1.0673 (Nov 10 low) and 1.0660 (Apr 21 low). On the other hand, next resistances could be faced at 1.0757 (Nov 16 high), 1.0824/29 (10-day SMA/Nov 12 high) and 1.0893 (Nov 6 high).
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