EUR/USD finds support at 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD reached earlier at 1.1060 the highest level since October and then started to move to the downside, accelerating during the American session. The decline appears to have found support around 1.0900.

    Price bottomed at 1.0902, the lowest since last Wednesday and then bounced slightly to the upside. The recovery from the lows found resistance at 1.0935 and currently it trades at 1.0910/15, 85 pips below yesterday’s closing price.

    USD gains ahead of the FED

    EUR/USD is about to post the lowest close in a week ahead of the Federal Reserve decision. Whatever the FED announces is likely to have an impact on the currency market and the US dollar.

    Regarding EUR/USD, according to Valeria Bednarik, Chief Analyst at FXStreet, the initial bearish target, in the case of dollar's demand comes at 1.0880, whilst additional slides can extend down to 1.0795. “Towards the upside on the other hand, the level to watch is 1.1045, as a steady advance beyond it should lead to a continued advance up to 1.1120, while further gains above it will only confirm a bullish continuation into 2016”, concluded Bednarik.

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