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EUR/USD finds bids at NY session low, attempts recovery

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 (Mumbai) - The EUR/USD’s revisit to NY session low of 1.0630 in Asia was short lived as the pair quickly rose back to near 1.0650 levels.

    Three day losing streak ahead of Fed minutes

    The pair suffered a three-day losing streak ahead of the Fed minutes as markets continued to ditch the common currency in anticipation of the Fed liftoff on Dec 17th. The terror attacks in Paris over the weekend also added to the bearish pressure.

    The spot is making an attempt to extend gains in the positive territory, however, gains are being capped due to news ‘heavy gunfire' in the northern suburbs of Paris.

    The Euroland economic calendar is empty, leaving the spot at the mercy of the overall demand for the US dollars ahead of the Fed minutes.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0674 (Nov 10 low), followed by a hurdle at 1.07-1.0723 (5-DMA) and 1.0735 (hourly 200-MA). A break above the same would expose 1.0830 (Nov 12 high). On the other side, support is seen at 1.0630-1.06, under which the doors are opened for a re-test of 1.0520 (Apr low).
    For more information, read our latest forex news.
     

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