EUR/USD firmer, approaching to 1.08

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency is clinging to its daily gains vs. the dollar on Monday, with EUR/USD slowly marching towards the 1.0800 handle.

    EUR/USD looks to the US docket

    The pair keeps its upbeat tone against the backdrop of a selling bias in the main European indices.

    In the meantime, market participants seem to have almost fully digested the recent strong figures from the US labour market, although cautiousness prevails amongst traders in light of a potential rate hike by the Fed at its December meeting.

    Next of relevance for the pair will be the Fed’s Labor Market Conditions Index (LMCI) followed by Boston Fed E.Rosengren’s speech.

    EUR/USD levels to watch

    As of writing the pair is up 0.24% at 1.0769 facing the next hurdle at 1.0988 (76.4% Fibo of 1.1496-1.0706) followed by 1.1095 (200-day sma) and then 1.1130 (100-day sma). On the other hand, a break below 1.0706 (low Nov.6) would open the doot to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
    For more information, read our latest forex news.

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