Thursday, November 5, 2015

EUR/USD now firmer, stabs 1.0880

FXStreet (Edinburgh) - The shared currency has gathered some traction following the European open on Thursday, managing to push EUR/USD to session highs around 1.0880.

EUR/USD finds support near 1.0840

The daily decline in spot has been suddenly interrupted by a bout of buying interest in the euro, allowing spot to leave the area of multi-month lows in the 1.0840/30 band to quickly test 1.0880.

The pair’s negative bias remains intact however, as the probability of a Fed’s lift-off in December has been boosted after market participants have factored in yesterday’s testimony by Chairwoman J.Yellen.

EUR/USD levels to watch

As of writing the pair is up 0.08% at 1.0869 and a break above 1.0970 (76.4% Fibo of 1.0808-1.1713) would open the door to 1.1059 (downtrend from 1.1496) and then 1.1101 (200-day sma). On the flip side, the next support aligns at 1.0808 (low Jul.20) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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