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EUR/USD hovers near post-ECB highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continues to trade near 1-month highs, consolidating ECB-inspired gains as a strong US nonfarm payrolls report failed to trigger a US dollar recovery, leaving the pair oscillating in a 100-pip range.

    EUR/USD gained more than 3% on Thursday and reached a peak of 1.0980, last seen early November, as Draghi made a few adjustments to the QE program but he did not live up to expectations.

    EUR/USD has spent the last sessions within 1.0850 and 1.0950, barely reacting to the US employment data, that if anything, pushed the pair a bit higher. At time of writing, EUR/USD is trading at 1.0890, a few pips below its opening price but on track to post the first gain in three weeks

    EUR/USD technical levels

    In terms of technical levels, next resistances could be faced at 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1034 (200-day SMA). On the flip side, immediate supports are seen at 1.0854 (Dec 4 low), 1.0700/1.0698 (psychological level/21-day SMA) and not much until 1.0500 (psychological level/Dec 3 low).
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