EUR USD struggle to develop recovery
12/19/2016 9:53:24 AM
The EUR/USD pair on forex market struggle to develop Friday’s recovery, though finds some from broad based USD decline continuously with weaker US treasury yields.
Currently, EUR/USD trades almost higher at 1.0460, unable to chew offers aligned near 1.0475 area. The main currency pair sticking to 1.0410 support on Friday, and from there presented a stable recovery back above 1.0440 levels, while the recovery gained extra legs in the Asian trades this Monday, mostly driven by fresh selling seen in the US treasury yields, particularly the 2-year yields, which mimics the interest rates expectations.
In technical viewpoint, the pair finds the immediate persistence 1.0480. A break beyond the last, doors will open for a test of 1.0510 and from there to 1.0530. On the other hand, the immediate support is located at 1.0410 below which 1.0367 and 1.0295 could be tested.
Forex Fundamental Analysis
Written by FxErvin