EUR/USD unmotivated around 1.0770

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is extending its consolidative pattern on Monday, taking EUR/USD to the 1.0770 area so far.

    EUR/USD firmer on USD-selling

    After dropping to test the 1.07 handle post-Non-farm Payrolls, the pair has managed to regain the 1.0765/70 band backed by today’s softer tone around the greenback. However, spot will remain under pressure and hinging on USD-dynamics in light of the increasing likeliness of a Fed’s lift-off in December.

    In the data space, German trade surplus came in below expectations in September, while the Sentix index has surpassed estimates at 15.1 for the current month. Across the pond, the Fed’s Labor Market Conditions Index (LMCI) is due later followed by the speech by Boston Fed's E.Rosengren.

    EUR/USD levels to watch

    As of writing the pair is up 0.25% at 1.0771 facing the next hurdle at 1.0988 (76.4% Fibo of 1.1496-1.0706) followed by 1.1095 (200-day sma) and then 1.1130 (100-day sma). On the other hand, a break below 1.0706 (low Nov.6) would open the doot to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
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