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EUR/USD jumps to fresh 7-week highs at 1.1060

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The shared currency caught a fresh bid tone against the American dollar ahead of Europe open, now pushing EUR/USD to fresh multi-week highs above the mid-point of 1.10 barrier.

    EUR/USD: 100-DMA at 1.1067 on sight

    Currently, the EUR/USD pair trades 0.59% higher at fresh seven-week highs of 1.1060, extending the rise from 1.1025 region. The bid around the EUR/USD pair heightens just few minutes away from the European open, as the greenback accelerates its decline against its major rivals on the back of renewed bout of risk-aversion.

    The European indices futures are seen trading mixed, pointing to a cautious start on the European stocks as the Fed rate hike decision looms. Moreover, the USD traders are giving up their positions and appear to jump on the side-lines as huge volatility is likely to be created following the Fed decision, with an inevitable rate rise on the cards.

    Moreover, the anticipation of upbeat ZEW figures from Germany also adds up to the renewed buying seen around the major. The headline eeconomic sentiment index is seen ticking higher to 15.0 in December from 10.4 measured in November.

    EUR/USD Technical Levels

    The pair trades marginally higher, with the immediate resistance seen at of 1.1067 (100-DMA). A break beyond the last, doors will open for a test of 1.1087 (200-DMA). On the flip side, the immediate support is placed at 1.1016 (1h 10-SMA), below which 1.0985 (5-DMA/ Daily low) could be tested.
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