EUR/USD erased gains and fell toward 1.0870

Matías Salord FXStreet

On a quiet day with low volatility, EUR/USD moved slowly away from daily highs and erased all gains. The pair peaked at 1.0899 and then turned to the downside. Recently it dropped below the 20-hour moving average and fell to 1.0870, the lowest since Asian hours.

Currently it trades at 1.0872 below Friday’s closing level, headed toward the fifth daily decline in a row, but still remains above 7-month lows that hit at the beginning of the week 1.0857.

Technical levels

Resistance levels could be seen at 1.0880 (20-hour moving average), 1.0899 (daily high) and 1.0930 (Oct 21 high). On the opposite direction, support might lie at 1.0855/60 (Oct 21 & 24 low), 1.0820 (Mar 10 low) and 1.0800 (Psychological).

Between data and speeches

The most important economic numbers today for the pair were the PMIs. In the Eurozone and in the US showed better-than-expected readings. The Composite Eurozone PMI (preliminary) rose to 53.7 (the best reading of 2016) while in the US the Manufacturing PMI climbed from 51.5 to 53.2.

Regarding monetary policy the latest comments came from European Central Bank official Nowotny that said that asset scarcity is a concern (related to the purchase program) while in the US, Federal Reserve’s Evans stated that inflation is too low and the pace of rate hikes should be tied to the progress toward the inflation target.

Tomorrow in Germany, the IFO survey will be released while in the US the S&P/Case-Shiller house price index and also consumer confidence data.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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