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EUR/USD: Recovery falters near 10-DMA post-European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - A renewed bout of EUR buying seen in last hours lost steam, with EUR/USD now retreating below 5-DMA at 1.0627.

    EUR/USD fails near NY high at 1.0641

    Currently, the EUR/USD pair trades 0.14% higher at 1.0625, struggling to extend beyond 1.0640 region, confluence of NY high and 10-DMA. The main currency pair eased-off highs, although remains elevated on the back of the negative open on the European indices.

    The European stocks tracked the weakness in their Asian counterparts and open lower, with the German benchmark losing -0.55%. While the UK’s FTSE drops -0.64% ahead of the country’s Q3 GDP data.

    Data-wise, Germany’s import prices dropped -0.3% in Oct, more than -0.1% expectations. While upbeat Spanish CPI figures (-0.3% versus -0.5% exp.) also keep the major underpinned.

    Meanwhile, traders now await a swarm of economic news lined up for release next week, as the session ahead is expected to remain calm on Thanksgiving weekend-break.

    EUR/USD Technical Levels

    The pair wavers 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 1.0645 (10-DMA) and from there to 1.0674 (Nov 24 High).
    For more information, read our latest forex news.
     

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