EUR/USD treading water around 1.06

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After retreating to fresh multi-month lows near 1.0560 on Wednesday, EUR/USD has now retaken 1.06 and is looking to consolidate at current levels.

    EUR/USD attention to EMU’s releases

    The pair is extending its overnight sideline pattern into the European session today, amidst thin trade and scarce volatility due to the Thanksgiving Day holiday in the US.

    EUR remains fragile and risks further downside however, as the European Central Bank could announce further easing measures at its meeting next month via a modification of the current QE programme or further rate cuts.

    EUR/USD levels to watch

    As of writing the pair is losing 0.10% at 1.0605 with the next support at 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0829 (high Nov.12) would aim for 1.1058 (200-day sma).
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