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EUR/USD recovers slightly from below 1.0600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD managed to recover slightly after posting a fresh 7-month low sub-1.0600 during the American session.

    After bottoming out at 1.0592, EUR/USD staged a mild bounce and climbed back to the 1.0620 area, where it is currently trading, still down 0.22% on the day.

    The dollar is overall trading higher versus most competitors despite a string of below expectations US data. There was some stir over a Fed closed meeting scheduled for 16:30 GMT on Monday, but no statement has been released yet.

    Meanwhile on the other side of the pond, the Eurogroup said Greece has met conditions to receive up to €10 billion for bank recap and resolution.

    EUR/USD levels to consider

    As for technical levels, below 1.0592, next supports are seen at 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low) ahead of 1.0500 (psychological level). On the flip side, resistances are seen at 1.0699 (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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