EUR/USD hits fresh 2-week lows despite US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD was unable to pick up momentum and came under renewed pressure instead following the release of below-expectations US ISM manufacturing index.

    US ISM manufacturing index dropped to 48.2 in December, its lowest level since June 2009, also below the 49.0 expected. Separated data showed construction spending fell 0.4% in November, missing consensus of a 0.5% rise.

    However, EUR/USD failed to benefit from disappointing US data and even scored fresh lows following the release. At time of writing, EUR/USD is trading at 1.0825, 0.4% below its opening price, having bottomed out at 1.0814.

    EUR/USD levels to consider

    On the downside, next supports are now seen at 1.0795 (Dec 7 low) and 1.0700 (psychological level), while on the upside, resistances could be faced at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
    For more information, read our latest forex news.

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