Thursday, November 12, 2015

EUR/USD challenges lows near 1.0740

FXStreet (Edinburgh) - The shared currency is now losing some altitude and prompting EUR/USD to challenge session lows in the 1.0740 region.

EUR/USD capped by 1.0780

After hitting overnight peaks in the 1.0780 area, the pair has sparked a correction lower to current levels around 1.0740, ahead of the opening bell in Europe which is expected to start in red figures for the main indices.

In the data space, final German CPI for the month of October showed consumer prices have come in flat inter-month and have risen 0.3% on a yearly basis. Next of relevance will be the speech by Mario Draghi and Yves Mersch and EMU’s Industrial Production figures during September.

EUR/USD levels to watch

As of writing the pair is advancing 0.04% at 1.0746 facing the next resistance at 1.0909 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1086 (200-day sma). On the flip side, a breach of 1.0658 (low Apr.21) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
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