EUR/USD parked above 1.08 on US data

By FXStreet FXStreet (Edinburgh) – The single currency is advancing more than 2% vs. the US dollar on Thursday, with EUR/USD now looking to stabilize above the 1.08 handle.

EUR/USD bypasses US docket

While market participants keep digesting the unexpected hawkish tone by the ECB and subsequent press conference by President Draghi, the US docket has shown the ISM Non-Manufacturing dropped to 55.9 for the month of November vs. 58.0 expected and down from October’s 59.1. On the brighter side, Factory Orders rose 1.5% from September to October, reverting the previous 1.0% contraction.

Spot has gained more than three big-figures since today’s lows around 1.0520, the biggest advance in more than 9 months, trading back to the 1.0850/60 area after Draghi failed to deliver as anticipated.

EUR/USD levels to watch

As of writing the pair is up 2.36 % at 1.0865 and a break above 1.1008 (55-day sma) would expose 1.1060 (100-day sma) and then 1.1124 (61.8% Fibo of 1.1496-1.0525). On flip side, the next support lines up at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16).
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Source:: FX Street