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EUR/USD hits fresh 7-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD fell further and hit fresh 7-month lows following the latest string of US data, which showed new home sales rose sharply in October and consumer confidence improved in November.

    The Reuters/Michigan consumer confidence index rose to 91.3 in November but not as much as 93.1 previously estimated. Meanwhile new home sales bounced in October, rising 10.7% to 0.495 million, slightly below the 0.500 million expected.

    EUR/USD reacted to the downside and scored its lowest level since April at 1.0565 before recovering slightly. At time of writing, the pair is trading at 1.0588, 0.51% below its opening price.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0520 (Apr 13 low) ahead of 1.0500 (psychological level). On the other hand, resistances are seen at 1.0679 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0779 (21-day SMA).
    For more information, read our latest forex news.
     

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