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EUR/USD recovers above 50-DMA after US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The mixed batch of US data saw the EUR/USD pair trim losses by a few pips to trade above its 50-DMA located at 1.0953 levels.

    Above hourly 50-MA

    The pair has moved back above its hourly 50-MA located at 1.0947 and is flirting with the 50-DMA. A minor recovery from 1.0938 could be attributed to the weekly US initial jobless claims, which rose to 282K, compared to the estimated figure of 269K.

    However, gains are being capped by the November import price index, which bettered estimates to print at 0.4% m/m. Ahead in the day, the sentiment on the Wall Street could influence demand for the funding currencies like the EUR.

    EUR/USD Technical Levels

    At 1.0964, the immediate resistance is seen at 1.10, above which the pair could target 1.1030 (200-DMA) ahead of the 100-DMA resistance at 1.1060. On the other hand, a break below 1.0953 (50-DMA) would expose 1.0890 (38.2% of 1.1495-1.0517).
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