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EUR/USD turns negative near 1.0745 in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Having peaked at 1.0775 levels in early Asia, the EUR/USD pair drifted lower and now consolidates near the mid-point of 1.07 handle as we progress towards the early European trades.

    EUR/USD awaits final services PMIs

    Currently, the EUR/USD pair trades modestly flat at 1.0744, keeping range below 1.0750 levels over the last couple of hours. The main currency pair trades around a flat-line and looks to resume its ongoing downward spiral, as the shared currency fails to benefit from risk-off market profile amid negative Asian equities and European indices futures. The DAX futures tank -1.07% and the UK’s FTSE futures sink -0.90%.

    Adding to the renewed selling interest around the EUR/USD pair, the US dollar seems to catch a fresh bid tone against its major competitors heading into Europe. The USD index rises 0.06% to 99.51 levels, nearing 100 marker.

    Meanwhile, markets now await the European open for fresh cues on the major ahead of a series of final services PMI from the euro area. While the main focus for today remains a batch of US economic data and the FOMC minutes due later in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0810/12 (50-DMA/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.0860/69 (1h 100-SMA/ 10-DMA). On the flip side, the immediate support is placed at 1.0709/00 (Jan 5 Low/ round number), below which 1.0650 (pre-ECB levels) could be tested.
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