Thursday, November 12, 2015

EUR/USD: off lows but weak, 2-yr German yield hit another record low

FXStreet (Mumbai) - The EUR/USD pair now trades with moderate losses around 1.0720 compared to post-Draghi low of 1.0691, while the German yield hit another record low of -0.37%.

Recovery stalled at hourly 50-MA

The spot-Draghi recovery in the shared currency ran out of steam at the hourly 50-MA located at 1.0735. Moreover, Draghi offered nothing new apart from the same old message that the bank would reassess the need to do more easing at the December meeting.

Consequently, a quick drop to 1.0691 was followed by an equally quick recovery, which stalled at 1.0735 (hourly 50-MA). The attention now shifts to the Fed officials’ speeches due later today.

EUR/USD Technical Levels

The immediate resistance is located at 1.0735 (hourly 50-MA), above which the pair could re-test the daily high at 1.0780. A break above would expose 1.0842 (hourly 200-MA). On the other side, support is seen at 1.0691 (daily low) and 1.0674 (Nov 10 low). A break below the same would expose 1.06 handle.
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