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EUR/USD turns negative and makes fresh daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD came under renewed pressure and printed fresh daily lows sub-1.1000 after a timid reaction to US consumer price index data.

    After a failed attempt to break above the 100-day SMA at 1.1059 during the European session EUR/USD turned south, to slowly retrace gains over the last hours. The pair stretched a tad lower over the last minutes, posting a low of 1.0970 in recent dealings. At time of writing, EUR/USD is trading at 1.0976, now down 0.13% on the day.

    On the data front, US inflation, gauged by the consumer price index, was flat in November after rising a 0.2% in the previous month, while excluding the volatile food and energy categories, so called core CPI rose 0.2%, both in line with expectations. Separated data showed US Empire Manufacturing for December improved to -4.59 versus -6.00 expected.

    Investors attention remains on the Federal Reserve two-day meeting that gets underway, when the bank is expected to raise rates for first time in nearly a decade.

    EUR/USD technical levels

    On the upside, immediate resistances could be faced at 1.1059 (Dec 15 high/100-day SMA), 1.1100 (psychological level) and 1.1139 (Oct 23 high). On the downside, supports are seen at 1.0944 (50-day SMA/Dec 14 low), 1.0925 (Dec 11 & 10 lows) and 1.0878 (Dec 9 low).

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