EUR/USD holds up above 1.0800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended its corrective move on Monday and continued to pull back from the 1.0980 zone, where it posted a 1-month high on the back of ECB meeting last Thursday.

    With the dollar taking back some of its past week’s losses, EUR/USD was dragged down to a low 1.0795 before steadying around the 1.0800 level over the last hours, in the absence of fundamental triggers. At time of writing, EUR/USD was trading at 1.0810, 0.52% below its opening price.

    With the ECB behind, investors attention now turns to Dec 16 Fed decision, when the FOMC is expected to vote for a rate hike for first time since 2006.

    EUR/USD key levels

    As for technical levels, immediate supports are seen at 1.0700/1.0699 (psychological level/21-day SMA), 1.0520 (Apr 13 low) and then 1.0500 (psychological level/Dec 3 low). On the flip side, next resistances could be faced at 1.0955 (Dec 4 high), 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1032 (200-day SMA).
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