EUR/USD posts fresh lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - After failing to regain the 1.07 mark, EUR/USD came under renewed pressure and fell to fresh lows for the day.

    The euro extended early weakness on the back of dovish remarks from Draghi despite better-than-expected Eurozone consumer confidence hitting fresh lows as European markets approach the weekly close.

    ECB President Mario Draghi
    hinted at more QE on Friday. He stated that given the slack growth momentum and that inflation remains below the 2.0% target, the bank is ready to take more action.

    EUR/USD dropped to a low of 1.0653, roughly the same level where it bottomed on Thursday. At time of writing, the pair is trading at 1.0660, 0.67% below its opening price and headed for a weekly decline.

    EUR/USD technical levels

    As for technical levels, next supports are seen at 1.0616 (Nov 18 low), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low). On the flip side, resistances could be faced at 1.0724 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
    For more information, read our latest forex news.

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