EUR/USD flirting with lows near 1.0580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency is now trading on the defensive vs. the dollar, taking EUR/USD to once again test the 1.0580 region, or daily lows.

    EUR/USD attention to ECB, PMIs

    Spot is retreating for the second session in a row today, extending the correction lower from weekly highs near 1.0650 posted yesterday. Market expectations of additional easing measures to be announced today by the ECB keep weighing on EUR sentiment and limiting the pair’s upside for the time being.

    Prior to the ECB event, the final prints of Services PMIs in the euro region are due, seconded by EMU’s Retail Sales. Across the pond, the calendar is quite appealing, with Initial Claims, Yellen’s testimony, Factory Orders, ISM Non-Manufacturing and speeches by Fed’s Mester and Fischer.

    EUR/USD levels to watch

    As of writing the pair is losing 0.26% at 1.0588 facing the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.0998 (55-day sma).
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