EUR/USD flirting with highs near 1.0860

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency is posting marginal gains vs. the greenback on Tuesday, sending EUR/USD to test the area of daily highs near 1.0860.

    EUR/USD attention to EMU data

    Spot is recovering part of the recent slide to the vicinity of the key support at 1.0800 the figure, all part of the correction lower from recent post-ECB highs near the psychological handle at 1.1000. The broader scenario remains unchanged however, with the prospects of a Fed’s lift-off next week taking centre stage in the global markets.

    In the meantime, nothing relevant on the data front in Euroland, with GDP figures for the third quarter only due today, followed by the Economic Optimism index by IBD/TIPP across the pond.

    EUR/USD levels to consider

    At the moment the pair is up 0.07% at 1.0855 with the next hurdle at 1.0983 (high post-ECB Dec.3) ahead of 1.1033 (200-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524). On the other hand, a break below 1.0753 (23.6% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13).
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