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EUR/USD ignores German data, nears 1.09 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The better-than-expected German data had no impact on the EUR/USD pair, which is slowly heading towards 1.09 levels.

    Focus on stocks ahead of US data

    The pair is at the mercy of the sentiment in the major European equities. At the time of writing, the major European equity futures were pointing to a positive opening, which means the EUR may have a trouble sustaining above 1.09 ahead of the US data.

    Later in the day, the third quarter US GDP could turn out to be a non-event unless the figure is revised significantly higher/lower.

    EUR/USD Technical Levels

    At 1.0903, the immediate resistance is seen at 1.0922 (hourly 200-MA), above which the pair could test 1.1006 (50% of 1.1495-1.0517). On the other hand, a break below 1.0894 (50-DMA)-1.0890 (38.2% of 1.1495-1.0517) could open doors for a drop to 1.0803 (Dec 17 low).
    For more information, read our latest forex news.

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