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EUR/USD finds support ahead of 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The decline of the euro versus the dollar found support a few pips above the 1.07 mark, with EUR/USD recovering modestly from lows and settling in a slim range over the last hours.

    The dollar strengthened sharply following a strong employment reading, which lifted expectations of a Fed rate hike in December after Yellen said earlier this week the decision would still depend on incoming data.

    EUR/USD dropped nearly 180 pips but found support after striking a 6-month low of 1.0707. However, the subsequent bounce was capped by the 1.0750 zone, confining the pair to a phase of consolidation. At time of writing, EUR/USD is trading at 1.0740, recording a 1.30% loss on the day.

    EUR/USD levels to watch


    In terms of technical levels, a decisive break below 1.0707 (6-month low Nov 6) could pave the way toward 1.0665 (Apr 23 low) en route to 1.0520 (Apr monthly low). On the other hand, bounces could find resistance at 1.0750 (intraday level), 1.0893 (Nov 6 high) and 1.0945 (10-day SMA).
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