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EUR/USD up and down it goes, near 1.0740

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 (Edinburgh) - EUR/USD has climbed to the vicinity of 1.0760 following today’s releases in the US economy.

    EUR/USD shows signs of life ahead of FOMC

    The pair briefly visited the positive territory after US Factory Orders have contracted 0.2% on a monthly basis in November, matching previous estimates. Further data also saw Markit’s Services PMI coming in at 54.3 during the last month, a tad better than the November print. Next on tap will be the FOMC minutes, where market bets expect a hawkish statement.

    Spot has now trimmed part of its earlier losses, although it remains vulnerable in a context of increasing cautiousness ahead of the FOMC minutes and US Payrolls due on Friday.

    EUR/USD levels to consider

    At the moment the pair is down 0.07% at 1.0742 and a break below 1.0700 (psychological level) would expose 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16). On the other hand, the next resistance lines up at 1.0842 (55-day sma) followed by 1.0860 (61.8% Fibo of 1.0538-1.1059) and then 1.1040 (200-day sma).
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