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EUR/USD keeps lows near 1.0720

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The demand for the single currency remains subdued during the European morning, sending EUR/USD to test the lower bound of the daily range near in the 1.0730/20 band.

    EUR/USD muted on PMIs, focus on FOMC

    Better-than-expected Services PMIs in the euro area and Germany have failed to ignite some buying interest in EUR today, leaving all the attention to the US releases due later, where the ADP employment report and the FOMC minutes will take centre stage.

    In the meantime, the greenback continues its relentless advance since the start of the new year, trading closer to the psychological 100.00 mark when measured by the US Dollar Index.

    EUR/USD levels to consider

    At the moment the pair is down 0.20% at 1.0728 and a break below 1.0700 (psychological level) 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 1.0842 (55-day sma) followed by 1.0860 (61.8% Fibo of 1.0538-1.1059) and then 1.1040 (200-day sma).
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