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EUR/USD: Range-trade intact above 1.0600 amid thin markets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Amid lack of significant economic news and low volumes, the EUR/USD pair continues to trade in side-ways manner, clinging to 1.06 handle.

    EUR/USD capped below 5-DMA

    Currently, the EUR/USD pair trades -0.14% lower at 1.0610, having found strong support at 1.0600 levels. The main currency pair continues to waver back and forth between hourly 10-SMA at 1.0616 and 1.06 barrier since European open.

    The major remains indifferent to the strong rally in the European stocks backed by ECB more stimulus in Dec and trades listless amid a broadly stronger greenback. The German benchmark rallies 1.23%, the UK’s FTSE gains 0.50% while the pan-European benchmark Euro Stoxx 600 advances 0.61%.

    Data-wise, the second –tier Euro zone credit grew 5.3% in Oct versus 4.9% rise seen in Sept and came in above a rise of 4.9% expected. Although the data had negligible impact on the pair.

    In the session ahead, the prices may continue to trade in familiar ranges in absence of drivers as the US traders are away as Thanksgiving holiday starts today.

    EUR/USD Technical Levels

    The pair struggles above 1.06 handle, with the immediate support seen at 1.0600/1.0593 (round number/ Nov 23 Low). Selling pressure will intensify below the last, dragging the pair towards 1.0568 (Nov 25 Low). While to the upside the next hurdle in sight is located at 1.0632 (1h 50-SMA) and from there to 1.0661 (1h 200-SMA).
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