EUR/USD clinging to 1.0600 – key support

By FXStreet FXStreet (Mumbai) – The EUR/USD pair extends its side-trend above 1.06 handle for the second day-in a row, as lack of fresh incentives amid holiday-thinned trades, keeps the major flat-lined.

EUR/USD sold-off at hourly 50-SMA at 1.0616

Currently, the EUR/USD pair trades almost unchanged at 1.0609, locked-in 15-pips narrow range. Amid lack of significant drivers, the main currency pair continues to trade around a flat-line, although keeping further bearish potential intact ahead of next week’s ECB meeting.

Markets have almost priced-in additional stimulus (more QE/ deposit rates cut) from the ECB next week, as the central struggles to fight deflation and anaemic growth.

Looking ahead, attention now turns to a flurry of key macro releases from across the globe as markets are expected to remain muted on the back of the US Thanksgiving weekend.

EUR/USD Technical Levels

The pair wavers above 1.06 handle, with the immediate support seen at 1.0600/1.0593 (round number/ Nov 23 Low). Selling pressure will intensify below the last, dragging the pair towards 1.0568 (Nov 25 Low). While to the upside the next hurdle in sight is located at 1.0627 (1h 50-SMA) and from there to 1.0651 (1h 200-SMA).
For more information, read our latest forex news. …read more

Source:: FX Street