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EUR/USD falls to fresh 7-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD broke below 1.0640 and dropped to 1.0631, hitting the lowest level since mid-April. The pair remains near the lows, under pressure as the US dollar gains momentum in the currency market.

    EUR/USD breaks support

    The area around 1.0640 capped the decline the last week and also on Monday and several times today. But recently it was broken opening the doors from an extension of the decline.

    Earlier EUR/USD attempted to recover but the area around 1.0680 capped the upside. While the US dollar gained strength in the market, the euro weakened and pushed the pair sharply to the downside. The euro is falling against the US Dollar and also versus the pound (EUR/GBP fell below 0.7000) but versus the Swiss Fran is holding near daily highs. The Swiss franc is among the worst performers.

    EUR/USD technical levels

    If the pair continues to decline, support might be seen at 1.0625 (April 16 low) 1.0600 (psychological level) ahead of 1.0520 (April 13 low). On the opposite direction, short-term resistance might now be seen at 1.0640 (previous support), 1.0680 (European session high) and 1.0695 (downtrend line from Nov 12 highs).
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