Friday, November 13, 2015

EUR/USD extends losses, while stocks dropped

FXStreet (Mumbai) - The EUR/USD pair slid to a session low of 1.0755, while the stock markets in Europe suffered moderate losses ahead of the Eurozone Q3 GDP data.

Tests key fib support

The pair fell to 1.0758 (76.4% of Mar-Aug rally) after having failed to take out the hourly 200-MA in the late NY session. The common currency could not strengthen despite the losses in the European stocks. The pan-European Euro Stoxx 600 index dropped almost 0.4%.

The German data showed the economy slowed slightly in the third quarter. Next on the cards is the Eurozone Q3 GDP figure, which will be followed by US advance retail sales number.

EUR/USD Technical Levels

A failure to rise back above 1.0758 (76.4% of Mar-Aug rally) would open doors for a sell-off to 1.07 levels. A break below would expose 1.06 handle. On the higher side, a resistance is seen at 1.0784 (hourly 10-MA), above which the prices could re-test the hourly 200-MA at 1.0817.
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