EUR/USD muted on EMU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency keeps the daily range vs. the dollar today, with EUR/USD hovering over the 1.0960 area.

    EUR/USD ignores data

    The pair kept the composure in spite of EMU’s Industrial Production has surpassed expectations during October, expanding at a seasonally adjusted 0.6% MoM and reverting the previous 0.3% contraction.

    Next on tap will be the speech by President M.Draghi at the 40th anniversary conference of Prometeia in Bologna. Absent releases in the US docket, the pair is expected to extend its current sideline pattern in the mid-1.0900s.

    EUR/USD levels to consider

    At the moment the pair is losing 0.27% at 1.0959 and a break below 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the flip side, the next hurdle lines up at 1.1041 (high Dec.9) followed by 1.1060 (100-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524).

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