EUR/USD stuck at hourly 50-MA amid weakness in European stocks
Hovers below hourly 50-MA
The pair currently trades around 1.0955-1.0960 levels. The bid tone on the EUR improved, following the weak opening of the European stocks, but was not strong enough to push it through the hourly 50-MA resistance.
The Euroland economic calendar is empty now, hence, the pair could continue to track the action in the equities ahead of the US advance retail sales release.
EUR/USD Technical Levels
A break above the hourly 50-MA at 1.0966 would expose multiple resistance levels of 1.1006 (50% of 1.1495-1.0517), 1.1030 (200-DMA) and 1.1060 (100-DMA). A break higher could see the pair target 1.1087 (Sep 3 low). On the other hand, a failure to sustain above the 50-DMA at 1.0947 would open doors for a drop to 1.0890 (38.2% of 1.1495-1.0517).
What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.