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EUR/USD falls sharply in thin trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD came under pressure and fell sharply at the beginning of the New York session despite data showed US goods trade deficit widened in November. US advanced goods trade deficit widened to $60.5 billion versus $58.4 billion the previous month.

    EUR/USD dropped nearly half a cent in a matter of minutes and scored a fresh low of 1.0919 before finding interim support. At time of writing, the pair is trading at 1.0925, down 0.36% on the day.

    With trading volumes very thin ahead of the New Year holiday, markets’ moves could result exaggerated. Next on tap, US data includes S&P/Case-Shiller home price index and the consumer confidence index.

    EUR/USD key levels

    As for technical levels, if EUR/USD breaks below 1.0920 (10-day SMA), next supports are seen at 1.0860 (50-day SMA), 1.0795 (Dec 7 low) and then 1.0700 (psychological level). On the other hand, next resistances line up at 1.1010 (Dec 10 high) and 1.1055 (100-day SMA/50-week SMA) followed by 1.1095 (Oct 28 high).
    For more information, read our latest forex news.
     

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