EUR USD began weekly lows
11/7/2016 11:13:36 AM
The EUR/USD pair held up last week’s bullish momentum and began a new week sharply lower, on the back of revival of USD buying as FBI cleared Clinton’s email cases again.
Currently, EUR/USD trades -0.60% lower at 1.1074, receding somewhat from session lows struck at 1.1065 last hour. The EUR/USD pair saw rather a fickle Asian session, with a bearish opening gap quickly reversed, only to find fresh offers just ahead of 1.1100 handle and the bears sent the rate sharply lower back towards daily lows.
In the meantime, markets now look forward to the German factory orders data aligned for release ahead of Europe open, which will be followed by Eurozone Sentix and retail sales data. While US calendar holds only the Labor market conditions report for fresh inducements.
In technical viewpoint, the pair finds the immediate persistence 1.1100. A break beyond the last, doors will open for a test of 1.1130 and from there to 1.1195. On the other hand, the immediate support is located at 1.1040 below which 1.1000 and 1.10982 could be tested.
Fundamental Analysis
by FxErvin
