EUR/USD finds support but bounce limited

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD weakened on Friday and dropped back below the 1.0700 level as comments from ECB President Draghi weighed on the common currency.

    EUR/USD dropped nearly 100 pips from Thursday’s highs and posted a low of 1.0663 before finding support and recovering somewhat. However, with the subsequent bounce capped by the 1.07 mark, the pair has moved in a slim range over the last hours. At time of writing, EUR/USD is trading at 1.0697, 0.33% below its opening price.

    European Central Bank President Draghi said on Friday that given the slack growth momentum and that inflation remains below the 2.0% target, the bank is ready to take more action.

    EUR/USD technical levels

    As for technical levels, next supports are seen at 1.0616 (Nov 18 low), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low). On the flip side, resistances could be faced at 1.0724 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
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