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EUR/USD in lows near 1.0770, German GDP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is now losing some altitude, dragging EUR/USD to test session lows in the 1.0770 area.

    EUR/USD focus on German, EMU data

    The pair is receding some ground after yesterday’s advance to weekly highs in the 1.0830 region backed by a mixed tone from several Fed speakers, who nonetheless remain leaning towards a rate hike at the December meeting (probability still around 70%).

    Ahead in the day, preliminary German and EMU GDP figures for the third quarter will take centre stage ahead of US Retail Sales and the speech by Cleveland Fed L.Mester.

    EUR/USD levels to watch

    As of writing the pair is losing 0.32% at 1.0774 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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