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16 Dec 2015
EUR/USD fades a spike to 1.0960, PMIs eyed
FXStreet (Mumbai) - The EUR/USD pair met fresh supply on its recovery towards hourly 100-SMA (1.0970) and reverted to the familiar range near 1.0940 region in recent dealings.
EUR/USD eases-off highs as the USD wavers
Currently, the EUR/USD pair trades 0.12% higher at 1.0945, retreating from fresh session highs reached at 1.0958. The main currency pair’s another attempt to extend its corrective rally failed near 1.0960 region and the prices trimmed gains and now turns lower to retest the hourly 200-SMA support placed at 1.0932.
The gains appear capped in the EUR/USD pair as the US dollar erased losses and now looks to resume its upbeat momentum as the historic Fed rate hike decision looms. While the immediate economic data likely to be released this session are the German and Euro zone flash PMI reports. While Euro zone final CPI data is also lined up for released today.
Meanwhile, markets continue to track broader market sentiment, with the persisting risk sentiment restricting further upside in the major.
EUR/USD Technical Levels
The pair trades marginally higher, with the immediate resistance seen at 1.0966/70 (daily pivot/ 5-DMA). A break beyond the last, doors will open for a test of 1.1000 (round number). On the flip side, the immediate support is placed at 1.0903/00 (Dec 15 Low/ psychological levels), below which 1.0877 (Dec 9 Low) could be tested.
EUR/USD eases-off highs as the USD wavers
Currently, the EUR/USD pair trades 0.12% higher at 1.0945, retreating from fresh session highs reached at 1.0958. The main currency pair’s another attempt to extend its corrective rally failed near 1.0960 region and the prices trimmed gains and now turns lower to retest the hourly 200-SMA support placed at 1.0932.
The gains appear capped in the EUR/USD pair as the US dollar erased losses and now looks to resume its upbeat momentum as the historic Fed rate hike decision looms. While the immediate economic data likely to be released this session are the German and Euro zone flash PMI reports. While Euro zone final CPI data is also lined up for released today.
Meanwhile, markets continue to track broader market sentiment, with the persisting risk sentiment restricting further upside in the major.
EUR/USD Technical Levels
The pair trades marginally higher, with the immediate resistance seen at 1.0966/70 (daily pivot/ 5-DMA). A break beyond the last, doors will open for a test of 1.1000 (round number). On the flip side, the immediate support is placed at 1.0903/00 (Dec 15 Low/ psychological levels), below which 1.0877 (Dec 9 Low) could be tested.
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