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EUR/USD hits lowest level since July

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The dollar strengthened against most competitors and dragged EUR/USD to fresh 3-month lows following a series of supportive US economic data and latest comments from Fed Chair Janet Yellen.

    Fed Chair Janet Yellen said the US economy is performing well although she acknowledged some slowdown in employment. Regarding monetary policy, Yellen said FOMC thought it could be appropriate to move in December but that no decision was made. She reiterated that December would be live meeting as they continue to monitor data.

    Investors will be scrutinizing with special attention next US employment report.

    EUR/USD struck its lowest level since July at 1.0844 before finding support. At time of writing, the pair is trading at the 1.0865 zone, 0.87% below its opening price.

    EUR/USD technical levels

    In terms of technical levels for EUR/USD, short-term supports are seen at 1.0808(July low) ahead of 1.0784 (Apr 24 low) and not much until 1.0700 (psychological level). On the other hand, next resistances could be found at 1.1071 (Oct 30 high), 1.1095 (Oct 28 high) and then 1.1105 (200-day SMA).
    For more information, read our latest forex news.
     

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