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EUR/USD rejected at 1.07 as EUR/GBP trims gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair turned lower from 1.07 to trade around 1.0683 as the EUR/GBP cross erased post-UK retail sales gains.

    Cross-driven moves

    The pair has been at the mercy of the action in the EUR/GBP cross since last one hour or so. Sterling was ditched ahead of the UK retail sales, as the number was widely expected to contract in October. Consequently, the EUR/GBP cross was on the rise, lending support to the EUR/USD pair.

    Following a weaker-than-expected retail sales figure, the cross spiked to 0.7016, before falling back to 0.70, thus ensuring the gains in the EUR/USD were capped at 1.07 levels. Later in the day, the US weekly jobless claims figure could influence the pair.

    EUR/USD Technical Levels

    At 1.0686. The immediate resistance is seen at 1.07 (daily high), above which the pair could test 1.0719 (hourly 200-DMA). A break above could result in a rally to 1.0764 (Nov 10 high). On the other side, support is seen at 1.0661 (hourly 50-MA) and 1.0617 (previous day’s low).
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