EUR/USD finds support ahead of 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD found support and settled near daily lows as the dollar managed to look past disappointing US data, and dragged the pair to fresh lows following a short-lived spike.

    Even though US retail sales and PPI came in below expectations, data will likely take a backseat after last week's strong NFP report as investors continue to bet the Fed will raise rates next month.

    Yesterday’s dovish comments from Draghi are also preventing the euro to extend its recovery, as the fundamental picture favors the downside amid divergent policy outlooks.

    EUR/USD was rejected from the 1.0800 zone at the beginning of the American session and slid all the way to a fresh daily low of 1.0717. At time of writing, the pair is trading at 1.0735, recording a 0.71% loss on the day.

    EUR/USD levels to watch

    As for technical levels, next supports are seen at 1.0673 (Nov 10 low), 1.0660 (Apr 21 low), 1.0624 (Apr 16 low) and then 1.0570 (Apr 15 low). On the other hand, resistances could be found at 1.0822/29 (10-day SMA/Nov 12 high), 1.0896 (Nov 5 high) and 1.0966 (Nov 4 high).
    For more information, read our latest forex news.

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