EUR/USD stronger as USD deflates
The greenback has quickly deflated to session lows and is currently allowing a modest rebound in the pair to daily peaks in the 1.1025/30 band. Spot has managed to revert the bearish tone that prevailed throughout the session against the backdrop of empty releases in both Euroland and the US.
Next on tap will be the German/EMU ZEW Survey due tomorrow, ahead of the key inflation figures in the US economy gauged by the CPI.
EUR/USD levels to consider
At the moment the pair is up 0.34% at 1.1027 with the next resistance at 1.1041 (high Dec.9) followed by 1.1060 (100-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0524). On the other hand, a breakdown of 1.0895 (38.2% Fibo of 1.1496-1.0524) would aim for 1.0524 (low Dec.3) and finally 1.0519 (low Apr.13).
What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.
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 securities. 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 Forex 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.