EUR USD upside down News
11/15/2016 9:26:02 AM
Having reached the lowest point just ahead of 1.0700 handle in the last US session, EUR/USD tried a minor-recovery and increased as high as 1.0770 in early Asia, before meeting fresh supply to now merge around 1.0750 heading into early Europe.
Currently, EUR/USD now progresses +0.14% to 1.0750, decreasing from 1.0772 daily highs. The main currency pair stalled its minor-recovery from multi-month troughs and now treads water around the mid-point of 1.0700 handle, waiting for fresh fundamental drivers from the Euro land and US for fresh motivation.
The major finds support from a descending correction in the USD, caused by a withdrawal in the treasury yields, after the recent rally that was caused by Trump’s presidency and its positive influence on inflation expectations as well as on increased odds of a Dec rate hike.
In technical view, the pair finds the immediate persistence 1.0773. A break beyond the last, doors will open for a test of 1.0800 and from there to 1.0875. On the other hand, the immediate support is placed at 1.0710 below which 1.0650 and 1.0620 could be tested.
Fundamental Analysis
by FxErvin
