Euro hits 1-month highs versus US dollar, moves toward 1.1000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended gains on Wednesday and is close to test the 1.10 mark for first time in over a month as the US dollar faces a selloff across the board.

    EUR/USD broke above its post-ECB decision highs and advanced to 1.0990, where it recorded a 5-week high, with the euro helped by comments from ECB members suggesting more easing is unlikely.

    Meanwhile, investors continue to get rid of US dollar, as selling interest intensifies ahead of the Federal Reserve meeting next week, when the FOMC is expected to raise rates for first time in nearly a decade.

    EUR/USD technical levels

    As for technical levels, if EUR/USD retakes 1.1000, next resistances are seen at 1.1030 (200-day SMA) and 1.1060 (100-day SMA). On the other hand, failure at 1.1000 could put the pair back under pressure, with immediate supports standing at 1.0878 (Dec 9 low), 1.0829 (Dec 8 low), 1.0795 (Dec 7 low) and 1.0752 (10-day SMA).

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