EUR/USD weaker, on its way to 1.08

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency remains on the negative territory at the beginning of the week, sending EUR/USD to test the vicinity of 1.0800 the figure.

    EUR/USD lower on USD demand

    The re-emergence of the demand for the greenback is prompting the pair to extend its leg lower from recent highs. Last Friday’s results from US Non-farm Payrolls keep acting as the main catalyst of the current USD strength amidst expectations of a rate hike by the Federal Reserve next week.

    Data wise in Euroland, December’s Sentix index has come in at 15.7 vs. 17.0 initially anticipated although up from 15.1 posted in the previous month. Across the pond, the Fed’s Labor Market Conditions Index is due ahead of J.Bullard’s speech.

    EUR/USD levels to consider

    At the moment the pair is losing 0.59% at 1.0810 facing the next support at 1.0753 (23.6% Fibo of 1.1496-1.0524) followed by 1.0524 (low Dec.3) and then 1.0519 (low Apr.13). On the upside, a breakout of 1.0983 (high post-ECB Dec.3) would target 1.1033 (200-day sma) en route to 1.1124 (61.8% Fibo of 1.1496-1.0524).
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