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EUR/USD looking for a close below the 1.16 handle

EUR/USD testing the downside of the 1.16 handle as dollar firms in Tokyo.

The US dollar index only briefly dipped following the payrolls data, closing the day 0.3% higher that lead to the EUR/USD falling from 1.1660 to 1.1600 where the price remains consolidating in an extension of the downside from 1.21 highs as the dollar firms in Tokyo. 

EUR/USD looks to the November Sentix investor as next risk event

The pair is making a score below the 1.16 handle with a low of 1.1506 so far with eyes on the 27th Oct low of 1.1574. US yields have picked up to 2.35% on the benchmark 10-years with a high of 2.3525% so far, supporting the bid in the greenback. for the risk events ahead today, the Euro Area has the November Sentix investor confidence that is expected to remain very positive at 31.0 from 29.7 in Oct.

EUR/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that, technically, the pair retains the bearish bias in its daily chart, as the recovery pared well below the 20 and 100 DMAs, with the shortest gaining strength downward below the largest. 

"Indicators in the mentioned time frame turned south within bearish territory after correcting oversold conditions, as the price settled above the multi-month low set late October at 1.1574. 

Valeria's short-term outlook, neutral-to-bearish

"In the shorter term an according to the 4 hours chart, the technical stance is neutral-to-bearish, as the price settled below all of its moving averages, with the larger ones far above the current price and with strong slopes downward, but indicators lacking directional strength, anyway below their mid-lines. An extension downward below the mentioned low should favor a decline towards the 1.1460 region a major resistance level all through 2015 and 2016."

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