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EUR/USD sidelined near 1.0620 ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency remains unable to spark some buying interest at the beginning of the week, taking EUR/USD to the 1.0620 area so far.

    EUR/USD in red ahead of US docket

    The pair keeps its negative tone unchanged on Monday, extending the offered sentiment from last week against the backdrop of a persistent demand for the US dollar.

    The dollar will take centre stage later in the session, in light of today’s releases across the Atlantic: Markit’s Manufacturing PMI, Chicago Fed NAI and Existing Home Sales, all amidst the Fed’s ‘data dependent’ stance and increasing speculations of a Fed’s lift-off at the December meeting.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.18% at 1.0624 and a breakdown of 1.0601 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the other hand, the next up barrier aligns at 1.0703 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma).
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