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EUR/USD keeps falling, testing lows near 1.0740

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The weakness around the euro remains unabated on Tuesday, now sending EUR/USD to print fresh session lows in the 1.0740 area.

    EUR/USD weaker on USD strength

    The greenback is extending its upside bias today, sending the pair to levels last seen in early December around 1.0740. In addition, lower-than-expected inflation figures in the euro area during December have impacted on the common currency, intensifying the sell-off.

    Absent relevant events or releases in the US docket, the risk-appetite trends will be the main drivers for the pair in the very near-term, ahead of the FOMC minutes and Non-farm Payrolls due in the second part of the week.

    EUR/USD levels to consider

    At the moment the pair is down 0.73% at 1.0749 and a break below 1.0738 (38.2% Fibo of 1.0538-1.1059) would expose 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16). On the other hand, the next resistance lines up at 1.0861 (61.8% Fibo of 1.0538-1.1059) followed by 1.1046 (200-day sma) and then 1.1157 (downtrend from 1.1713).
    For more information, read our latest forex news.
     

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