EUR/USD off highs, supported above 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair prolongs its recovery mode from post-ECB lows below 1.08 handle and now trades firmer above 1.09 handle, with 1.0983/ 1.10 back on sight.

    EUR/USD tested daily R1 at 1.0921

    Currently, the EUR/USD pair rises 0.17% to 1.0911, easing-off fresh three-day highs posted at 1.0921 last hours. The main currency pair continues to benefit from the persisting risk-off market profile driven by extended sell-off in most Asian markets.

    While little in the day to be reported in terms of economic news, attention shifts towards a host of macro updates from the US due out on Friday. However, the data releases are expected to have negligible impact on the major as the main driver is expected to remain the Fed meeting next week, with markets already pricing-in a rate lift-off.

    Meanwhile, the German trade data due later today will fill in an otherwise data-dry EUR calendar. Also, the sentiment on the European equities will play a crucial role in the EUR moves ahead.

    EUR/USD Technical Levels

    The pair above 1.09 handle, with the next hurdle in sight is located at 1.0958 (Dec 4 High) and from there to 1.0983 (post-ECB highs). To the downside, the immediate support is seen at 1.0858 (1h 50-SMA). Selling pressure will intensify below the last, dragging the pair towards 1.0835 (1h 100-SMA).
    For more information, read our latest forex news.

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