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EUR/USD jumps-off 5-DMA, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair poses a minor-recovery from a brief dip near 5-DMA at 1.0959 levels and reverts to familiar range seen during the Asian session.

    EUR/USD recovers from 1.0955 region

    Currently, the EUR/USD pair rises 0.10% to 1.0974, re-attempting a break beyond the stiff resistance located at 1.0978. The main currency pair quickly regained lost ground and swung back on the bids as the demand for the safe-haven (the EUR) remains underpinned amid wavering European equities.

    The German benchmark, the DAX trades muted versus a 0.20% gain at open while the Euro Stoxx 50 drops -0.27% versus +0.12% previously.

    Moreover, the greenback failed to sustain gains and fell back in the red zone against its major competitors, boosting the bids for EUR/USD. The US dollar index drops -0.08% to 97.94, notwithstanding 98 barrier.

    Meanwhile, markets will continue to take cues from sentiment on the European and the US stocks amid low volumes and unusual volatility prevalent today.

    EUR/USD Technical Levels

    The pair attempts recovery and finds the immediate resistance is seen at 1.0980 region (daily high at 1.0978). A break beyond the last, doors will open for a test of 1.1000 (psychological levels). On the flip side, the immediate support at 1.0942 (daily low), below which 1.0914 (1h 200-SMA) could be tested.
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