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EUR/USD uninspired by US data, hovers near lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD remains vulnerable trading near 7-month lows during the New York session, with the latest string of US data having virtually no impact on the pair.

    EUR/USD slid to its lowest level since April during the European session and settled in a range just above, where it has spent the last hours, unable to pick up pace either side of the board with investors on the sidelines ahead of the ECB decision on Thursday and the nonfarm payrolls on Friday.

    On the data front, German CPI came in line with expectations at 0.1% MoM and 0.4% YoY. On the other side of the Atlantic, US Chicago PMI for November came in at 48.7 below 54.0 of consensus, while pending home sales grew less than expected in October (0.2% vs 1.5%).

    EUR/USD technical levels

    At time of writing, EUR/USD is trading at 1.0573, 0.13% below its opening price. In terms of technical levels, next supports are seen at 1.0562 (7-month low Nov 30), 1.0520 (Apr 13 low), 1.0500 (psychological level) and 1.0462 (2015 low Mar 13). On the flip side, immediate resistances could be found at 1.0635/37 (10-day SMA/Nov 27 high), 1.0700 (psychological level) and 1.0762 (Nov 19 high).
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