EUR/USD hovers near 7-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended losses into a third consecutive day Tuesday as investors continue to increase bets the Federal Reserve will raise rates next month despite lackluster inflation data.

    EUR/USD remained near 7-month lows even after data showed US CPI grew only 0.2% YoY in October, although the dollar failed to pick up momentum confining the pair to a phase of consolidation.

    At time of writing, EUR/USD is trading at 1.0662, still down 0.19% on the day. Earlier on the session, EUR/USD dropped below the 1.0660 support area and scored its lowest level since April at 1.0642.

    Separated data showed US industrial production fell 0.2% in October against an increase of 0.1% expected, while the NAHB housing index unexpectedly dropped to 62 vs 64 expected for November.

    EUR/USD levels to watch

    In terms of technical levels, immediate supports are seen at 1.0642 (Nov 17 low), 1.0624 (Apr 16 low) ahead of 1.0600 (psychological level). On the other hand, next resistances could be faced at 1.0757/62 (Nov 16 high/10-day SMA), 1.0829 (Nov 12 high) and 1.0893 (Nov 6 high).
    For more information, read our latest forex news.

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