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EUR/USD falls further near 1.0680

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The selling mood around the shared currency is growing bigger today, now dragging EUR/USD to test fresh lows in the vicinity of 1.0680.

    EUR/USD capped by 1.08

    After the rejection from the boundaries of 1.0800 the figure on Monday, the pair has initiated a leg lower backed by increasing expectations of a rate hike by the Fed at its December meeting, along with market chatter regarding a potential deposit rate cut by the ECB next month.

    ECB’s Liikanen has tried to talk down such possibility in earlier comments, arguing that the Council has still not decided on the matter.

    EUR/USD levels to watch

    As of writing the pair is down 0.62% at 1.0688 and a break below 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the flip side, the next resistance lines up at 1.0969 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1092 (200-day sma).
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