US Dollar drops further vs. Euro

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 (Edinburgh) - The common currency extends its daily upside vs. the dollar, now pushing EUR/USD to session tops near 1.0950.

    EUR/USD bid on USD weakness

    The greenback has accelerated its downside after the US Dollar Index has broken below the key support at 98.00 the figure, paving the way for a potential visit to post-ECB lows in the 97.60 area.

    Thin trade, the unwinding of extreme EUR positioning and wider GE-US yield spreads seem to be playing a significant role behind the pair’s upbeat sentiment so far, at least in the very near term and ahead of the critical FOMC meeting due next week.

    EUR/USD levels to consider

    At the moment the pair is up 0.50% at 1.0949 with the next hurdle at 1.0983 (high post-ECB Dec.3) ahead of 1.1032 (200-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524). On the other hand, a break below 1.0753 (23.6% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13).
    For more information, read our latest forex news.

Share This Page

free forex signals