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EUR/USD weak near 1.0610

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is extending last week’s offered into Monday’s session, with EUR/USD falling as low as the 1.0600 handle during the Asian session.

    EUR/USD attention to PMIs, Fed

    The pair remains on the defensive camp at the beginning of the week in response to a solid demand for the greenback. Comments by Fed officials over the weekend have left the door open for a lift-off at the December meeting, accentuating the downbeat mood around EUR.

    Preliminary Manufacturing and Services PMIs in the euro area will be in the limelight during the European morning, although market participants will remain more focused on the Fed’s close meeting on the discount rate expected later.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.22% at 1.0622 and a breakdown of 1.0601 (low Nov.23) would target 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the other hand, the next up barrier aligns at 1.0703 (accelerated downtrend from 1.1496) ahead of 1.0829 (high Nov.12) and finally 1.1062 (200-day sma).
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