EUR/USD under further pressure, eyes 1.09

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling interest keeps weighing on the single currency today, now pushing EUR/USD to trade closer to the 1.0900 handle.

    EUR/USD weaker, FOMC on sight

    The pair remains on track to test weekly lows around the critical support at 1.0900 the figure today, while markets are warming up for the FOMC meeting later in the session and the potential scenario of a rate hike.

    On the European data front, mixed results from flash manufacturing and services PMIs and higher-than-expected EMU’s CPI for the current month have passed largely unnoticed, as events across the pond take centre stage.

    EUR/USD levels to consider

    At the moment the pair is losing 0.03% at 1.0917 and a breakdown of 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0808 (low Jul.20) and finally 1.0753 (23.6% Fibo of 1.1496-1.0524). On the other hand, the initial hurdle aligns at 1.1060 (100-day sma) followed by 1.1124 (61.8% Fibo of 1.1496-1.0524) and then 1.1245 (downtrend from 1.1713).

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