EUR/USD holds up above 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD fell to fresh session lows as the dollar picked up pace at the beginning of the New York session despite disappointing US manufacturing data.

    EUR/USD started the day on the defensive as the greenback benefitted from flight to safety flows following Friday's attacks in Paris, and even though it managed to recover some ground during the European session, the bounce was short-lived.

    Having been rejected by the 1.0760 area, EUR/USD resumed the slide although the downside has been contained by the 1.07 mark. At time of writing, the pair is trading at 1.0713, still 0.38% below its opening price.

    Looking ahead, the FOMC minutes release is expected to remain the main highlight of the week with investors looking for clear signs of a December lift-off.

    EUR/USD levels to watch

    As for technical levels, next supports are seen at 1.0685 (Nov 16 low), 1.0673 (Nov 10 low) and 1.0660 (Apr 21 low). On the other hand, resistances could be faced at 1.0757 (Nov 16 high), 1.0824/29 (10-day SMA/Nov 12 high) and 1.0893 (Nov 6 high).
    For more information, read our latest forex news.

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