EUR/USD keeps the red near 1.0720

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The shared currency keeps the red figures on Thursday, with EUR/USD hovering over the 1.0725/20 band so far.

    EUR/USD weaker ahead of US data

    The pair has recovered part of the earlier drop to sub-1.0700 levels, although the bearish sentiment continues to weigh on traders. EUR has seen its downside accelerated today after President Draghi reiterated that the ECB Council is expected to re-assess the current monetary policy in the region at its meeting next month.

    Data wise in Euroland, Industrial Production has surprised investors during September, contracting less than expected 0.3% MoM. Ahead in the day, US Initial Claims will precede a slew of Fed speakers: Yellen, Bullard, Dudley, Lacker and Fischer, keeping the greenback under the microscope.

    EUR/USD levels to watch

    As of writing the pair is losing 0.20% at 1.0720 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0909 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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