EUR/USD posts fresh highs as USD weakens

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD bounced sharply from session lows and climbed to fresh highs for the day as the dollar weakened broadly at the beginning of the New York session, weighed by softening in yields.

    EUR/USD rose nearly half a cent in a matter of minutes and reached a new high at 1.0730 in recent dealings. At time of writing, the pair is trading at 1.0719, recording a 0.57% gain on Thursday.

    The latest string of US data was lackluster, with jobless claims matching expectations and Philly Fed mfg slightly above expectations. On Wednesday, FOMC minutes showed some members believe conditions to warrant a rate hike might be met in December, but kept options open.

    EUR/USD technical levels

    As for technical levels, next supports resistances could be found at 1.0719 (10-day SMA), 1.0757 (Nov 16 high) and then 1.0829 (Nov 12 high). On the other hand, supports are seen at 1.0616 (Nov 18 low), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low).
    For more information, read our latest forex news.

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