EUR/USD sustains above 1.06 amid rally in stocks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD today is surprisingly resilient to the rally in the European stocks; trading above 1.06 levels.

    Supported at 1.06

    The pair fell to 1.06 levels before recovering to trade around 1.0615 despite the 0.4% rise in the pan-European blue chip Euro Stoxx 50 index. The common currency had ratcheted higher to near 1.07 levels in early Europe on Wednesday before the sell-off took the pair down to 1.0565 due to rally in the stocks.

    However, the currency has remained resilient today amid low volumes on account of the trading holiday in the US.

    EUR/USD Technical Levels

    The immediate support is seen at 1.06, under which the losses could be extended to 1.0565 (daily low). A break below would expose 1.05 handle. On the other side, resistance is seen at 1.0633 (hourly 50-MA) – 1.0636 (hourly 100-MA), above which the pair could test offers at 1.07 handle.
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