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EUR/USD holds up above 1.0600 in holiday-thinned trade

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD trades a tad weaker on Thursday although well-within its previous day’s range, with US participants away for Thanksgiving leaving most pairs confined to a phase of consolidation.

    EUR/USD faced mild selling pressure over the last minutes and fell to retest the bottom side of its daily range, but follow-through was lacking. At time of writing, the pair is trading at 1.0609, 0.13% below its opening price, with a daily low struck at 1.0599.

    Thanksgiving holiday and Black Friday may ensure subdued trading until next week when major events are scheduled, including ECB policy decision and US nonfarm payrolls report.

    EUR/USD levels to watch

    On the downside, immediate supports are seen at 1.0565 (7-month low Nov 25), 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 1.0662 (10-day SMA),1.0700 (psychological level) and 1.0762 (Nov 19 high).
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