EUR USD upside down News
11/15/2016 9:26:02 AM
Having reached the lowest point just ahead of 1.0700 handle in the last US session, EUR/USD tried a minor-recovery and increased as high as 1.0770 in early Asia, before meeting fresh supply to now merge around 1.0750 heading into early Europe.
Currently, EUR/USD now progresses +0.14% to 1.0750, decreasing from 1.0772 daily highs. The main currency pair stalled its minor-recovery from multi-month troughs and now treads water around the mid-point of 1.0700 handle, waiting for fresh fundamental drivers from the Euro land and US for fresh motivation.
The major finds support from a descending correction in the USD, caused by a withdrawal in the treasury yields, after the recent rally that was caused by Trump’s presidency and its positive influence on inflation expectations as well as on increased odds of a Dec rate hike.
In technical view, the pair finds the immediate persistence 1.0773. A break beyond the last, doors will open for a test of 1.0800 and from there to 1.0875. On the other hand, the immediate support is placed at 1.0710 below which 1.0650 and 1.0620 could be tested.