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EUR/USD recovery limited by 1.0750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD bottomed during the American session at 1.0708, hitting a fresh 1-month low. Then it rebounded but the recovery was capped below 1.0750. Near the end of the US session it was trading at 1.0735, 0.85% below yesterday’s closing price.

    The euro is losing ground for the third day in a row against the US dollar and from Monday’s highs it has fallen more than 200 pips.

    EUR/USD breaks another key technical level

    Yesterday the pair confirm levels below the 20-day moving average but it was able to hold above 1.0780, the area that capped the downside during most of December. Today EUR/USD broke the mentioned barrier and accelerated below.

    It is about to post a daily close under the mentioned level, creating a more bearish perspective for the pair. The short-term outlook continues to favor the US dollar, but from a fundamental perspective, tomorrow and Friday are going to be relevant days with the release of sensitive US employment data and the FOMC minutes, that could have a large impact on greenback.
    For more information, read our latest forex news.
     

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