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EUR/USD rises further as euro gains momentum

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD climbed further and reached its highest level in five days, as the euro strengthened across the board following the London fix, moving to daily highs versus the dollar, the pound and the franc.

    EUR/USD broke decisively above the 1.0900 level and stretched to a high of 1.0938 in the absence of clear catalysts whatsoever. At time of writing, the pair is trading at 1.0927, recording a 0.69% daily gain and extending its recovery from last week’s bottom at the 1.0800 zone.

    From a wider perspective, EUR/USD still holds near 2015 lows and policy divergences - as the Fed moves toward normalization and the ECB remains in the easing cycle - are likely to keep the pair under pressure in the longer term.

    EUR/USD levels to watch


    On the upside, the main hurdle remains at the 100-day SMA around 1.1055, which capped the broader bounce attempt last week. Above this latter, next resistances could be found at 1.1095 (Oct 28 high) and then 1.1139 (Oct 23 high). On the other hand, short-term supports are seen at 1.0795 (Dec 7 low), 1.0700 (psychological level) and 1.0635 (Dec 1 & 2 highs).
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