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EUR/USD ignores EZ data, hovers above hourly 50-MA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD hardly batted an eye after the weaker-than-expected Eurozone industrial production and continues to hover above the hourly 50-MA located at 1.0865 levels.

    Eyes stock market

    The NFP release on Friday opened doors for a Fed liftoff at December 16 rate decision. Hence, the markets would be interested to see how the stock markets in Europe and across the globe respond to the increased possibility of the Fed liftoff and accordingly adjust positioning in the funding currency EUR.

    Meanwhile, the Eurozone Sentix investor confidence due today could receive little/no attention from the markets.

    EUR/USD Technical Levels

    At 1.0870, the immediate resistance is seen at 1.0890 (38.2% of 1.1495-1.0517), above which the pair could rise to 50-DMA at 1.0968-1.10 levels. On the other hand, a break below the hourly 50-MA at 1.0865 would expose 1.0808 (July 20 low).
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