EUR/USD makes fresh cycle lows in quiet session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - After printing fresh cycle lows, EUR/USD was confined to trade within a narrow range during the American afternoon as investors take a cautious stance ahead of the ECB meeting on Thursday and the US nonfarm payrolls report on Friday.

    While the ECB is expected to cut the deposit rate and/or to expand its QE programme, investors will be closely watching the US employment report for reassurance that the Fed will raise rates at its December 15-16 meeting. This divergency of policies is likely to keep EUR/USD under pressure, with 2015 lows in sight.

    In the meantime, EUR/USD has enjoyed a quiet session, with the pair currently trading at 1.0567, 0.18% below its opening price, having bottomed out at 1.0557.

    EUR/USD technical levels

    As for technical levels, if EUR/USD breaks below 1.0557 (7-month low Nov 30), next supports are seen at 1.0520 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (2015 low Mar 13). On the flip side, short-term resistances could be faced at 1.0635/37 (10-day SMA/Nov 27 high), 1.0700 (psychological level) and 1.0762 (Nov 19 high).
    For more information, read our latest forex news.

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