EUR/USD turns negative as dollar strengthens

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD came under pressure and erased intraday gains as the euro was weighed by German data while the greenback strengthened broadly at the beginning of the New York session.

    EUR/USD failed to consolidate gains at the 1.0945 zone and turned lower, sliding through the 1.09 mark and the 1.0870 support zone to a session low of 1.0845, but managed to hold above its Asian low of 1.0826.

    On the data front, the German flash CPI for December came in below expectations, while attention now turns to the ISM manufacturing index, expected to show improvement but still contraction in the sector.

    EUR/USD technical levels

    As for technical levels, next supports could be faced at at 1.0837-26 (50-day SMA/Jan 4 low), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the other hand, next resistances line up at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
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