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EUR/USD grinds lower towards 1.0860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The single currency is posting marginal losses vs. the dollar on Monday, taking EUR/USD to the 1.0860 area.

    EUR/USD under the effects of NFP

    Spot keeps correcting lower after the recent highs in the boundaries of the psychological handle at 1.10 post-ECB meeting. Last Friday’s solid print from US Payrolls keep supporting the sentiment around the US dollar and relegating the pair to the lower bound of the range amidst firm expectations of a rate hike next week.

    In the data space, EMU’s investor confidence gauged by the Sentix index is due next, followed by the Fed’s Labor Market Conditions Index and speech by Fed’s J.Bullard.

    EUR/USD levels to consider

    At the moment the pair is losing 0.06% at 1.0867 facing the next support at 1.0753 (23.6% Fibo of 1.1496-1.0524) followed by 1.0524 (low Dec.3) and then 1.0519 (low Apr.13). On the upside, a breakout of 1.0983 (high post-ECB Dec.3) would target 1.1033 (200-day sma) en route to 1.1124 (61.8% Fibo of 1.1496-1.0524).
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