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EUR/USD off highs, back below 1.07

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has left the area of session tops near 1.0720 vs. the greenback, now sending EUR/USD back to the 1.0690/85 band.

    EUR/USD better bid post-FOMC

    The pair is now posting gains for the second session in a row after hitting 7-month lows in the vicinity of 1.0610 on Wednesday. A generalized offered tone around the greenback has re-emerged in the wake of yesterday’s dovish FOMC minutes and prevails so far ahead of the opening bell in Euroland today.

    However, gains in spot appear quite limited for the time being, as prospects of additional easing by the ECB at the December meeting keep weighing on investors, as well as a potential Fed’s lift-off next month.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.37% at 1.0691 and a break above 1.0779 (accelerated downtrend from 1.1496) would target 1.0829 (high Nov.12) en route to 1.1073 (200-day sma). On the other hand, the next support aligns at 1.0617 (low Nov.18) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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