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EUR/USD stays down after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD edged slightly lower and made a marginal new low for the day following the release of a series of mixed US data.

    US jobless claims decreased by 11,000 to a seasonally adjusted 271,000 in the week ended Dec 12, below 275,000 expected. Meanwhile, the current account deficit widened in the third quarter to 124.10 billion while the Philly Fed manufacturing index showed activity contracted in December (-5.9 vs +1.5 exp).

    EUR/USD gave up a few pips and posted a 5-day low of 1.0831. However, the move lacked follow through and EUR/USD was last trading at 1.0837, still 0.64% below its opening price.

    EUR/USD is facing renewed pressure after the Federal Reserve decided to raise rates to 0.25%-0.50% on Wednesday.

    EUR/USD key levels

    In terms of technical levels, next supports are seen at 1.0795 (Dec 7 low), 1.0783 (21-day SMA) and 1.0635 (Dec 1 & 2 highs). On the flip side, immediate resistances line up at 1.0922 (50-day SMA), 1.1035 (200-day SMA) and 1.1059 (Dec 15 high/100-day SMA).

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