EUR/USD remains near 7-month low after US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD showed little reaction to disappointing Chicago Fed National Activity Index figures and continues to trade nearly flat on the day.

    EUR/USD fell to a fresh 7-month low of 1.0600 at the weekly opening and in the absence of first-tier data the pair has spent the last hours in a tight range just above that level. At time of writing, the pair is trading at 1.0640, virtually unchanged since opening.

    The Chicago Fed National Activity Index came in at -0.04 in October, up from -0.29 in September but below the +0.08 expected. Looking ahead, US data due includes existing home sales and a Fed announcement.

    EUR/USD technical levels

    As for technical levels, short-term supports are seen at 1.0600 (7-month low Nov 23), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low). On the flip side, resistances could be faced at 1.0702 (10-day SMA), 1.0762 (Nov 19 high) and then 1.0829 (Nov 12 high).
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