EUR/USD inches lower but 1.0900 holds up, for now

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD has continued to trade within its recent range although it came under mild pressure over the last hours and slowly edged down in the absence of top-tier data and amid low trading volumes.

    EUR/USD dropped below the 20-day SMA (1.0907) and hit a daily low of 1.0902, although the dollar has lacked momentum to drag the pair below the 1.09 mark. At time of writing, the pair is trading at 1.0907, 0.1% below its opening price.

    The US dollar shrugged off a disappointing reading from the housing sector. Data showed November pending home sales fell 0.9%, missing by far expectations of a 0.5% increase.

    From a wider perspective however, EUR/USD continues to trade directionless within 1.0800 - 1.1000 ever since the last Fed meeting, when the bank decided to hike rates for first time in nearly a decade.

    EUR/USD levels to watch

    In terms of technical levels, immediate supports are seen at 1.0898 (Dec 29 low), 1.0850 (50-day SMA), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the other hand, next resistances could be found at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1054 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
    For more information, read our latest forex news.

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