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EUR/USD steady as Euro Stoxx drops 0.5%

FXStreet (Mumbai) - The weakness in the European stocks is helping the EUR/USD pair avoid fresh sell-off in early Europe and trade steady around 1.0650 levels.

All eyes on FOMC minutes

The FOMC minutes of the Oct meeting are likely to reinforce December rate hike bets. Consequently, the European stock markets have dropped in early trading. The pan-European Euro Stoxx 50 index dropped 0.7%.

The losses in the equities are offering support to the EUR/USD pair, which is trading around 1.0650, however, the upside is again being capped by hawkish expectations surrounding the FOMC minutes.

EUR/USD Technical Levels

The immediate resistance is seen at 1.0674 (Nov 10 low), followed by a hurdle at 1.07-1.0723 (5-DMA) and 1.0735 (hourly 200-MA). A break above the same would expose 1.0830 (Nov 12 high). On the other side, support is seen at 1.0630-1.06, under which the doors are opened for a re-test of 1.0520 (Apr low).

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