EUR/USD stuck at hourly 50-MA amid weakness in European stocks

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The up move in the EUR/USD pair ran into resistance at the hourly 50-MA at 1.0966 even though the stock markets in Europe suffered moderate losses.

    Hovers below hourly 50-MA

    The pair currently trades around 1.0955-1.0960 levels. The bid tone on the EUR improved, following the weak opening of the European stocks, but was not strong enough to push it through the hourly 50-MA resistance.

    The Euroland economic calendar is empty now, hence, the pair could continue to track the action in the equities ahead of the US advance retail sales release.

    EUR/USD Technical Levels

    A break above the hourly 50-MA at 1.0966 would expose multiple resistance levels of 1.1006 (50% of 1.1495-1.0517), 1.1030 (200-DMA) and 1.1060 (100-DMA). A break higher could see the pair target 1.1087 (Sep 3 low). On the other hand, a failure to sustain above the 50-DMA at 1.0947 would open doors for a drop to 1.0890 (38.2% of 1.1495-1.0517).

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