EUR/USD fails above 1.1100, revisits daily lows

Dhwani Mehta FXStreet

The EUR/USD pair stalled last week’s bullish momentum and kicked-off a new week sharply lower, on the back of resurgence of USD buying as FBI cleared Clinton’s email cases again.

EUR/USD: Recovery remains capped by 1.1110

Currently, EUR/USD trades -0.60% lower at 1.1073, retreating slightly from session lows struck at 1.1067 last hour. The EUR/USD pair witnessed quite a volatile Asian session, with a bearish opening gap quickly reversed, only to find fresh offers just ahead of 1.11 handle and the bears sent the rate sharply lower back towards daily lows.

The sentiment towards the US dollar picked-up significant pace this Monday after reports hit the wires that the FBI cleared Clinton of the emails case, noting that it’s more of carelessness than criminality. The FBI’s clearance once again lifted the odds for a Clinton win, with just two days remaining for the US presidential elections.

Meanwhile, markets now look forward to the German factory orders data lined up 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 incentives.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1100 (round figure/ 5-DMA). A break beyond the last, doors will open for a test of 1.1130 (100-DMA) and from there to 1.1195 (200-DMA). On the flip side, the immediate support is placed at 1.1041 (10-DMA) below which 1.1000 (psychological levels) and 1.10982 (Oct 13 low) could be tested.

To learn more about this topic, check our video analysis

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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