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EUR/USD holds above 1.0600 as investors gear up for Thanksgiving

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The recovery of the euro against the dollar was capped by the 1.0640 zone during the American afternoon, confining EUR/USD to a phase of consolidation as investors as investors prepare for the Thanksgiving holiday.

    EUR/USD dropped to a fresh 7-month low of 1.0565 earlier during the American session as the greenback continued to strengthened despite a mixed bag of US data. However, EUR/USD managed to regain the 1.0600 level as the greenback weakened somewhat over the last hours. At time of writing, the pair is trading at 1.0618, still 0.23% below its opening price.

    On the data front, US durable goods orders rose 3.0% in October, surpassing by far the 1.5% increase expected, while personal income and personal spending rose 0.4% and 0.1% respectively and inflation gauged by the PCE rose 0.1%.

    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 technical levels

    On the downside, immediate supports are seen at 1.0565 (Nov 25 low), 1.0520 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (2015 low Mar 13). On the upside, short-term resistances are seen at 1.0679 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0779 (21-day SMA).
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