EUR/USD near 1.0730, selling pressure on the rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency continues to depreciate vs. its American peer today, now sending EUR/USD to test fresh 5-week lows in the 1.0730 area.

    EUR/USD weaker ahead of FOMC, Payrolls

    Spot is slipping further today, losing more than 2-big figures since yesterday’s tops in the mid-1.0900s following an increasing demand for the US dollar. EUR has seen its bearish tone gathering traction after EMU’s CPI has missed expectations during December, showing consumer prices in the region remain stagnant at the current low levels.

    The pair will remain under scrutiny ahead in the week, as US ADP report is due tomorrow followed by the FOMC minutes and Friday’s Non-farm Payrolls.

    EUR/USD levels to consider

    At the moment the pair is down 0.90% at 1.0731 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 1.0861 (61.8% Fibo of 1.0538-1.1059) followed by 1.1046 (200-day sma) and then 1.1157 (downtrend from 1.1713).
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