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EUR/USD finds support in EUR/GBP rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The uptick in the EUR/GBP cross is ensuring the EUR/USD pair remains around 1.0865 levels in the early US session.

    Weak US index futures support EUR

    The Cable fell below 1.50 levels and pushed the EUR/GBP pair higher, which is lending support the EUR/USD pair. The shared currency also finds support in the weak US index futures. The china-led risk aversion appears to have hit the US shores, which is evident from a more than 0.5% drop seen in the DJIA futures.

    Ahead in the day, the performance of the US stock markets could decide the trend in the EUR/USD pair.

    EUR/USD Technical Levels

    At 1.0865, the immediate resistance is seen at 1.0890 (38.2% of 1.1495-1.0517), above which the gains could be extended to 1.0960 (50-DMA). On the other hand, a break below the hourly 50-MA at 1.0857 would expose 1.0808 (July 20 low).
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