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EUR/USD turns negative near 1.0780

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The shared currency has faded its initial spike above the 1.08 handle vs. the dollar, now sending EUR/USD to the 1.0785/80 band.

    EUR/USD lower as USD recovers

    After hitting daily tops near 1.0830 during overnight trade and in response to the heightened risk aversion in the global markets, spot has returned to sub-1.08 levels and is currently flirting with the 1.0780 area.

    Ahead in the session, EMU’s Economic Sentiment and Consumer Confidence are due ahead of the ECB’s Meeting Accounts. Across the pond, only Initial Claims are to be published (275K exp.).

    EUR/USD levels to consider

    At the moment the pair is down 0.08% at 1.0779 and a breach of 1.0700 (psychological level) would expose 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16). On the other hand, the immediate hurdle lines up at 1.0860 (61.8% Fibo of 1.0538-1.1059) ahead of 1.1045 (200-day sma) and the 1.1146 (5-month downtrend).
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