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EUR/USD gravitates around 1.0650

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD has continued to oscillate within its daily range, posting a marginal new high at the beginning of the New York session but lacking follow-through.

    EUR/USD was underpinned by solid German IFO data, but the upside remained capped by the 1.0670 area and even US GDP data failed to provide directional strength, confining the pair to a rangebound phase centered around 1.0650. At time of writing, the pair is trading at 1.0660, still up 0.23% on the day.

    EUR/USD however, remains near a 7-month low scored at 1.0592 on Monday, with the downside favored amid divergent monetary policies between the Fed and the ECB.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0592 (7-month low Nov 23), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low) ahead of 1.0500 (psychological level). On the flip side, resistances are seen at 1.0695 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
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