EUR/USD nears 1.07 as stock stay negative

By FXStreet FXStreet (Mumbai) – The EUR buying gathered pace, pushing the EUR/USD pair to a high of 1.0693 a the stock markets remain well into the negative territory ahead of the FOMC minutes.

Trades above hourly 50-MA

The spot trades well above its hourly 50-MA for the first time since November 13th. The losses in the European equity markets amid news of fresh terror threats and increased risk of the Fed tightening in December helped the EUR strengthen.

The bullish momentum appears to have stalled as the pair neared 1.07 handle. With an empty Euroland economic calendar, there is very little to trade on ahead of the FOMC minutes due later today.

EUR/USD Technical Levels

At 1.0685, the immediate resistance is seen at 1.07, followed by a hurdle at 1.0713 (hourly 100-MA) and 1.0731 (hourly 200-MA). A break above would expose 1.0745 (10-DMA). On the other side, a failure to sustain above the hourly 50-MA at 1.0671 would open doors for a re-test of the Tuesday’s low of 1.0630.
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Source:: FX Street