EUR/USD takes a breather at 15-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD managed to pause losses and stabilized near 15-week lows over the last hours as investors focus shifts to Friday’s US employment report.

    EUR/USD came under renewed pressure on Wednesday as the greenback strengthened on the back of supportive US data and comments from Fed Chair Yellen, which fueled bets of a possible rate hike in December.

    EUR/USD hit a low of 1.0843, last seen July 21, and has spent the last hours consolidating at the bottom of the range. At time of writing, the pair is trading at 1.0855, recording a 0.96% loss on Wednesday.

    EUR/USD supports and resistances

    As for technical levels, on the downside, next supports could be found at 1.0808(July low) ahead of 1.0784 (Apr 24 low) and 1.0700 (psychological level). On the other hand, immediate resistance levels are seen at 1.0967 (Nov 4 high), 1.0995 (10-day SMA) and 1.1071 (Oct 30 high).
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