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EUR/USD moves back and forth amid Fed/ECB speculation

FXStreet (Córdoba) - EUR/USD continues to move back and forth within its daily range unable to set short term direction as investors assess recent events and their implications on the ECB and the Fed monetary paths.

While a strong jobs report in US boosted expectations of a rate hike in December, there has been reports suggesting the ECB is considering cutting the deposit rate next month, widening the gap on monetary policy prospects between the two banks.

EUR/USD fell to a low of 1.0726 at the beginning of the American session, but managed to recover ground and turned positive for the day. However, gains remain limited, with the 1.0790 area capping the upside. At time of writing, EUR/USD is trading at 1.0760, recording a 0.29% gain on the day.

EUR/USD levels to watch

As for technical levels, immediate resistances line up at 1.0790 (Nov 9 high), 1.0896 (Nov 5 high) and then 1.0916 (10-day SMA). On the flip side, supports are seen at 1.0707 (post-NFP low Nov 6), 1.0660 (Apr 21 low) and 1.0624 (Apr 16 low).

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