EUR/USD off highs back to 1.0750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After clinching session peaks in the 1.0780 area, EUR/USD lost some upside momentum and has now returned to the mid-1.0700s.

    EUR/USD focus on Draghi

    The pair has managed to come back from fresh 7-month lows in the area of 1.0680 during the European evening on Tuesday, as rumours on the possibility of further easing by the ECB in December have been weighing on sentiment throughout the session.

    With US markets closed due to the Veterans Day holiday and absent releases in Euroland, the pair’s price action will hinge on the risk appetite trends and the tone of the speech by President M.Draghi.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.29% at 1.0746 facing the next resistance at 1.0943 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1088 (200-day sma). On the flip side, a breach of 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13
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