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EUR/USD still holding above 1.0700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD is about to post the fourth consecutive daily close around 1.0750, as it continues to consolidate after last week's sharp decline. The downside remains capped by the 1.0700 barrier, yesterday it traded momentarily below but it bounced back toward the 1.0750.

    While a confirmation below 1.0700 could open the doors for another leg lower, the upside remains capped by 1.0780. Between 1.0780 and 1.0800 an importance resistance is seen, a consolidation on top could remove strength to the US dollar.

    EUR/USD steady as most FX crosses

    The pair moved all day in a modest range like most of the currencies. The bond market is closed today in the US amid Veteran’s Day but stocks are trading normally. The Dow Jones is falling 0.09% and the Nasdaq is up by 0.08%. Crude oil is falling almost 3% while gold declines modestly and recently reached the lowest level in three months.

    On Thursday, volume is likely to rise during the US session boosting price action. Regarding the economic calendar, in the Europe the key report will be inflation and Industrial Production and in the US attention would lie on jobless claims and particularly over several Fed’s speeches, including Janet Yellen.
    For more information, read our latest forex news.
     

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