EUR/USD keeps lows near 1.0550, ECB looms

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency keeps session lows vs. the greenback, taking EUR/USD to the mid-1.0500s ahead of the ECB meeting.

    EUR/USD weaker, ignores EMU data

    Spot remains confined to the lower bound of the recent range as cautiousness amongst traders keeps swelling in light of the imminent ECB meeting. Recall that market bets expect the central bank to announce additional easing measures today, potentially ranging from further deposit rate cuts to modifications of the current QE programme.

    Data wise in Euroland, final Services PMIs for the month of November have come in on the softer side, as well as October’s Retail Sales, contracting at a monthly pace of 0.1% and expanding 2.5% on a yearly basis.

    EUR/USD levels to watch

    As of writing the pair is losing 0.51% at 1.0560 facing the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.0998 (55-day sma).
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