EUR/USD posts fresh 6-month lows sub-1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD came under renewed pressure early during the American session and posted fresh 6-month sub-1.0700.

    The euro weakened across the board and dropped to fresh lows against the dollar and the pound with no clear catalyst. EUR/USD dropped 40 pips in a matter of minutes and slid below the 1.07 mark to post a low of 1.0697. However, the pair found support and it is currently trading around the psychological level, recording a 0.42% loss on the day.

    EUR/USD remains under broad pressure amid divergent policy outlooks. While the Fed is expected to raise rates in December, the ECB seems poised to loosen its policy further.

    EUR/USD levels to watch

    As for technical levels, if EUR/USD breaks decisively below 1.0700, next supports are seen at 1.0660 (Apr 21 low) and 1.0624 (Apr 16 low). On the flip side, resistances could be found at 1.0790 (Nov 9 high), 1.0896 (Nov 5 high) and then 1.0966 (Nov 4 high).
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