EUR/USD regains 1.07, still in red

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After bottoming out in the 1.0660 area, EUR/USD has now retaken the 1.07 handle albeit it still trades in the negative ground.

    EUR/USD lower on Draghi

    The bearish tone prevails around the pair despite the current rebound from daily lows in the 1.0660 region. Earlier comments by ECB’s M.Draghi signaling the central bank’s commitment to boost inflation figures have prompted sellers to step in, extending the drop from overnight peaks near 1.0730.

    Nothing worth mentioning data wise in the euro region today, whereas St. Louis Fed’s J.Bullard is due to speak later in the NA session.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.47% at 1.0682 and a breakdown of 1.0617 (low Nov.18) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the other hand, the next up barrier aligns at 1.0781 (accelerated downtrend from 1.1496) would target 1.0829 (high Nov.12) en route to 1.1069 (200-day sma).
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