EUR/USD slides further to 1.05 neighborhood, Trump comments on tap
|The EUR/USD pair was seen building on to Tuesday's reversal move from 4-week high and is now approaching the lower end of weekly trading range.
Currently trading around 1.0515-20 band, a fresh bout of greenback buying interest, with the key US Dollar Index accelerating the up-move and flirting with daily tops, has been the key factor contributing to the pair's sharp slide in the past hour so.
Moreover, traders also seemed to readjust their positions ahead of the much awaited news conference from the US President-elect Donald Trump, which could reignite US Dollar's post-election strong rally and trigger a fresh leg of weakness for the major.
Investors would be looking for additional clarity over Trump's plans for the economy and specific details of the proposed fiscal stimulus measures in order to gauge its impact on the US economic growth and inflation, which would eventually be key determinants of the Fed's monetary policy stance in 2017 and have significant impact on the pair's near-term trajectory.
Technical levels to watch
On a sustained break below 1.0500 psychological mark, the pair is likely to accelerate the slide back towards 1.0460-55 region, en-route 1.0400 round figure mark. On the upside, 1.0550 region now seems to have emerged as immediate resistance, which if cleared might assist the pair back towards 1.0600 handle. Any further up-move beyond 1.0600 handle might continue to confront resistance near 1.0620 region and only a decisive move above this strong hurdle would negate any near-term bearish bias surrounding the major.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.