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EUR/USD rises to 5-DMA on broad based USD weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD was offered across the board in overnight trade, taking the EUR/USD pair to its 5-DMA at 1.0707 as the Fed minutes turned out to be a non-event for the markets.

    No big takeaways from Fed minutes

    The markets were expecting the minuted to hint strongly at the December liftoff, however, the overall message was in line with the October statement – December is a live event, still decision to hike rates is data dependent.

    Consequently, the USD bulls were demoralized, which led to a technical correction in the USD across the board. The EUR/USD pair clocked a high of 1.0718 before settling slightly lower around its 5-DMA at 1.0707 levels.

    EUR/USD Technical Levels

    The immediate support is seen at 1.0764 (Nov 10 low), under which the spot could target 1.0616-1.06 levels. On the higher side, 1.0721 (confluence of 10-DMA and hourly 200-MA) could offer resistance followed by a hurdle at 1.08 levels.
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