EUR/USD turns higher, trims daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD found support and bounced from below 1.0800, halting a downward corrective move from its post-ECB high.

    In the absence of first-tier data, EUR/USD went through a corrective downward move following Thursday’s steep rally, and briefly dropped below the 1.08 mark but bounced from a low of 1.0795 back to the 1.0850 zone. At time of writing, the pair is trading at 1.0848, still down 0.20% on the day.

    Now investors’ attention turns to Dec 16 Fed decision, when the FOMC is expected to vote for a rate hike for first time since 2006. In the meantime, other central banks will decide this week, including RBNZ, SNB and BoE.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0700/1.0699 (psychological level/21-day SMA), 1.0520 (Apr 13 low) and then 1.0500 (psychological level/Dec 3 low). On the flip side, next resistances could be faced at 1.0955 (Dec 4 high), 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1032 (200-day SMA).
    For more information, read our latest forex news.

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