EUR/USD struggles to regain 1.0800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD trades near daily highs as it attempts to regain the 1.0800 level in a volatile day after both ECB President Draghi and Fed Chair Yellen spoke.

    EUR/USD came under pressure and hit a low of 1.0690 during the European session following dovish remarks from Draghi, but investors shrugged them off as the hours past. The pair then reversed intraday losses and spiked briefly above 1.0800 as Yellen refrained from making comments on monetary policy during her speech.

    However, EUR/USD failed to consolidate above 1.0800 and settled just below, having spent the last hours in a tight range. At time of writing, the pair is trading at 1.0773, recording a 0.3% gain on the day.

    Investors are closely monitoring comments from FOMC members after Yellen said December was a live meeting and after a strong NFP report lifted expectations of a rate hike next month.

    EUR/USD levels to watch

    As for technical levels, next resistances are seen at 1.0808 (Nov 12 high), 1.0863 (10-day SMA) and 1.0896 (Nov 5 high) followed by 1.0966 (Nov 4 high). On the flip side, supports could be found at 1.0673 (Nov 10 low), 1.0660 (Apr 21 low), 1.0624 (Apr 16 low) and then 1.0570 (Apr 15 low).
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