EUR/USD finds support at 23.6% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD snapped the three day winning streak in Asia, but the losses have been capped near 1.0932 (23.6% of 1.0517-1.1060).

    Eyes stock markets

    The Eurozone economic calendar offers no first tier data releases. Hence, the currency could continue to track the action in the European stock markets. The bid tone on the EUR had gathered pace in Europe yesterday after the stock markets edged lower.

    Later in the day, the batch of US data releases – personal income, personal spending and durable goods report – could influence the pair.

    EUR/USD Technical Levels

    At 1.0938, a break below 1.0932 (23.6% of 1.0517-1.1060), would expose 50-DMA at 1.0884. A break lower could bring 1.0803 (Dec 17 low) into play. On the other hand, a break above 1.0940 (61.8% of Mar-Aug rally) would open doors for a re-test of 1.1006 (50% of 1.1495-1.0517).
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