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EUR/USD slide from the daily high continues

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD’s slide from the daily high continues after the preliminary private sector activity report in Germany showed a slowdown in the manufacturing activity.

    Eyes 50-DMA

    At 1.0937, the pair is within a touching distance from the 50-DMA located at 1.0931. The shared currency turned lower from the high of 1.0959 after the European equities opened on a firmer note. The German preliminary manufacturing PMI printed at 55.4; lower than the estimate of 55.5 and thus weighed over the EUR.

    Next on the cards is the preliminary Eurozone PMI reading. The UK wage pay and labor market data could influence the EUR/USD via sharp moves in the EUR/GBP cross.

    EUR/USD Technical Levels

    The immediate support is seen at 1.0931 (50-DMA), ahead of the major support at 1.0890 (38.2% of 1.1495-1.0517). A break lower would expose 1.0837 (Dec 7 low). On the other hand, a break above the daily high at 1.0959 could see the pair re-test 1.10-1.1006 (50% of 1.1495-1.0517).
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