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EUR/USD revisits daily lows as USD picks-up pace, NFP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - A renewed buying interest witnessed in the US dollar in the mid-European session, pushes EUR/USD towards daily lows amid stabilizing European markets.

    EUR/USD fails once again near 1.0885

    The EUR/USD pair trades -0.13% lower at 1.0867, now testing session lows struck at 1.0863 pre-European open. The main currency pair failed to surpass 1.0885-90 barrier on yet another occasion and met fresh supply thereon, now heading towards Wednesday’s lows.

    Stabilizing European stocks and fresh rally seen in the US dollar led to the sudden decline in the EUR/USD pair in last hours. As we get closer to the US labour market report, the bid tone on the USD is expected to keep growing bigger, with markets anticipating stronger jobs data (above 180k exp.) to confirm a Dec Fed rate hike.

    EUR/USD Technical Levels

    The pair remains below 1.09 handle with the next hurdle in sight at 1.0921 (5-DMA) from there to 1.0958/67 (10-DMA/ Nov 4 High). While to the downside, the immediate support is seen at 1.0842/32 (Nov 4 & 5 low). Selling pressure will intensify below the last, dragging the pair towards 1.0805/00 (daily S2/ psychological levels).
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