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4 Jan 2016
EUR/USD turns negative as dollar strengthens
FXStreet (Córdoba) - EUR/USD came under pressure and erased intraday gains as the euro was weighed by German data while the greenback strengthened broadly at the beginning of the New York session.
EUR/USD failed to consolidate gain at the 1.0945 zone and turned lower, sliding through the 1.09 mark and the 1.0870 support zone, to a session low of 1.0845, but managed to hold above its Asian low of 1.0826.
On the data front, the German flash CPI for December came in below expectations, while attention now turns to the ISM manufacturing index, expected to show improvement but still contraction in the sector.
EUR/USD technical levels
As for technical levels, next supports could be faced at at 1.0837-26 (50-day SMA/Jan 4 low), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the other hand, next resistances line up at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).
EUR/USD failed to consolidate gain at the 1.0945 zone and turned lower, sliding through the 1.09 mark and the 1.0870 support zone, to a session low of 1.0845, but managed to hold above its Asian low of 1.0826.
On the data front, the German flash CPI for December came in below expectations, while attention now turns to the ISM manufacturing index, expected to show improvement but still contraction in the sector.
EUR/USD technical levels
As for technical levels, next supports could be faced at at 1.0837-26 (50-day SMA/Jan 4 low), 1.0795 (Dec 7 low) and 1.0700 (psychological level). On the other hand, next resistances line up at 1.0990/93 (Dec 28 & 29 highs), 1.1010 (Dec 10 high), 1.1046-48 (100-day SMA/50-week SMA) and 1.1095 (Oct 28 high).