EUR/USD rises above 1.0900 as Wall Street extends losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The US dollar weakened against European currencies during the last hour as equities in Wall Street dropped further. EUR/USD broke to the upside, after trading in a range between 1.0875 and 1.0825 during several hours.

    EUR/USD levels to watch

    Th euro gained momentum and pushed the pair toward 1.0900. It reached a fresh 3-day high at 1.0908 and it was holding near the highs, with bullish momentum intact. If it consolidates above 1.0905 (20-day MA), the next resistance levels might be seen 1.0945/50 (Dec 30, 31 & Jan 4 highs), 1.0990 (last week highs) and 1.1040 (100 and 200-day MA). On the opposite direction support now might be seen at 1.0875 (previous high) and 1.0795 (20-SMA in 4-hour chart).

    Euro up amid risk aversion

    The euro rose against the US dollar during the last hour and also climbed to test daily highs against the pound as stocks in Wall Street resumed the decline. The Dow Jones was losing 2.10% and the Nasdaq was falling 2.80%.
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