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EUR/USD turns higher, trims daily losses

FXStreet (Córdoba) - EUR/USD found support and bounced from below 1.0800, halting a downward corrective move from its post-ECB high.

In the absence of first-tier data, EUR/USD went through a corrective downward move following Thursday’s steep rally, and briefly dropped below the 1.08 mark but bounced from a low of 1.0795 back to the 1.0850 zone. At time of writing, the pair is trading at 1.0848, still down 0.20% on the day.

Now investors’ attention turns to Dec 16 Fed decision, when the FOMC is expected to vote for a rate hike for first time since 2006. In the meantime, other central banks will decide this week, including RBNZ, SNB and BoE.

EUR/USD levels to watch

As for technical levels, immediate supports are seen at 1.0700/1.0699 (psychological level/21-day SMA), 1.0520 (Apr 13 low) and then 1.0500 (psychological level/Dec 3 low). On the flip side, next resistances could be faced at 1.0955 (Dec 4 high), 1.0980 (post-ECB, Dec 3 high), 1.1000 (psychological level) and then 1.1032 (200-day SMA).

EM's to remain under pressure on FOMC - BHH

Analysts at Brown Brothers Harriman noted that recent US data puts Fed lift-off squarely back in play. "For now, we think investors should make use of any EM bounces to rebalance their portfolios."
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