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EUR/USD testing lows near 1.0970, eyes hourly 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - EUR/USD keeps pushing lower and moves further away from 1.10 barrier in the European morning, with the next support zone seen near 1.0940 region (near 1h 50-SMA).

    EUR/USD back below 1.10 handle

    Currently, the EUR/USD pair loses -0.44% and trades at 1.0975, hovering close to fresh session lows struck at 1.0968 levels. The offered tone surrounding the EUR/USD pair keeps growing bigger as the USD bulls continue their dominance across the board, correcting the extensive slide witnessed over the past couple of trading sessions.

    However, the losses remain capped on the back of weakness in European stocks, offering some support to the safe-haven in the euro. The German DAX trades modestly flat around 10,590 while the UK’s FTSE drops -0.32% and the Euro Stoxx 50 declines -0.54% so far.

    Meanwhile, markets now await the US weekly jobless claims and import prices data for fresh incentives while the prices will continue to track the broader market sentiment.

    EUR/USD Technical Levels

    The pair drops further below 1.10 handle, with the immediate support seen at 1.0937 (1h 50-SMA). Selling pressure will intensify below the last, dragging the pair towards 1.0920 (5-DMA). To the upside, the immediate hurdle lies at 1.10 barrier beyond which 1.1021 (daily high) could be tested.
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