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EUR/USD retreats from highs, back to 1.0940

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency has abandoned the area of session highs vs. the dollar, now relegating EUR/USD to the 1.0940.

    EUR/USD capped by 1.0970 ahead of Retail Sales

    The earlier bull run in the pair lost some vigour in the 1.0970 area, prompting the current leg lower to the vicinity of 1.0940 ahead of key US data releases scheduled for later in the session.

    In fact, prior estimates see headline Retail Sales to have advanced at a monthly pace of 0.3%, while the flash Reuters/Michigan index is seen easing a tad to 91.0 for the current month.

    EUR/USD levels to consider

    At the moment the pair is down 0.02% at 1.0944 and a breach of 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13). On the other hand, the next hurdle lines up at 1.0973 (55-day sma) followed by 1.1063 (high Dec.9) and then 1.1124 (61.8% Fibo of 1.1496-1.0524).

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