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EUR/USD: Sellers in control, but stays above 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Having failed near 1.0760 region in the US last session, the EUR/USD pair keeps pushing lower as we progress towards mid-Asia, although manages to sustain above 1.07 handle.

    EUR/USD: key support at 1.0683

    Currently, the EUR/USD pair trades -0.15% higher at 1.0717, having posted fresh session lows at 1.0711 last hours. The main currency pair extends its bearish momentum and came under renewed selling pressure this session, after the greenback swung back into gains boosted by Fed Fischer's comments, which signalled a Dec rate rise.

    Moreover, the latest set of upbeat US data added to the signs that the US economic recovery is gaining traction and hence spurred renewed bids in the USD. The number of first-time applicants for unemployment benefits fell to 271,000 in the week of November 14, against the previous week's unrevised reading of 276,000 claims. While the Philly Fed Manufacturing Index surprised markets to the upside.

    Looking ahead, markets will continue digesting the Fed speaks while gear up for more Draghi later in the European session. While no significant economic releases are on the cards other than the German PPI data.

    EUR/USD Technical Levels

    The pair hovers above 1.07 handle, with the immediate support seen at 1.0683 (Nov 19 NY low/ 1h 50-SMA). Selling pressure will intensify below the last, dragging the pair towards 1.0652 (Nov 19 daily low). While to the upside the next hurdle in sight is located at 1.0764 (Nov 19 high) and from there to 1.0780 (Nov 16 High).
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