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Euro keeps rising: EUR/USD breaks above 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continue to rise during the American session and near the end rose further. The pair broke above 1.0950 and climbed to 1.0969, hitting a 1-month high.

    Currently it trades near the highs up more than 3%, having the biggest daily gain years. The euro and the Swiss franc are the top performer currencies boosted after the European Central Bank announced more easing measures but not the expected increase in the monthly purchases.

    EUR/USD up; stocks tumble

    The pair erased most of November losses in a few hours. Tomorrow’s NFP could also boost volatility in the forex market. “With the US Nonfarm Payroll release early Friday, is yet to be confirmed if EUR rally can be sustained in time, or if it's just the due correction after the pair lost over 1000 pips in the last two months”, said Valeria Bednarik, Chief Analyst at FXStreet.

    From a technical perspective, short-term indicators are showing extreme overbought readings but the euro continues to rise as USD prints fresh lows and stocks in the US tumble. The Dow Jones is now down 1.60% while the Nasdaq declines 2.07%. European futures are also falling sharply.
    For more information, read our latest forex news.
     

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