EUR/USD fails once again near 1.0950, Fedspeak eyed

EUR/USD pair failed once again to sustain at higher levels and drifted slightly lower on the arrival of the European traders, as dust settles over the US elections aftermath.

EUR/USD capped by 1.0950                                                                              

Currently, EUR/USD trades +0.19% higher at 1.0930, unable to surpass 1.0950 resistance. The EUR/USD pair extends its downside consolidation phase into Europe, wavering back and forth in a 25-pips narrow range last hours.  

The major maintains the bid tone, although struggles to take on the recovery above 1.0950 levels as renewed market optimism on the back of an unexpected Trump win, keeps a lid on the prices. While further gains also remain limited on the back of a pause in the USD’s corrective slide.

Meanwhile, markets digest the incoming poor industrial data from France, as focus shifts towards the US unemployment claims and FOMC member Bullard’s speech scheduled later in the NY session.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0980 (20-DMA). A break beyond the last, doors will open for a test of 1.1000 (round figure/ 5-DMA) and from there to 1.1039 (10-DMA). On the flip side, the immediate support is placed at 1.0900 (psychological levels) below which 1.0848 (multi-month low) and 1.0820 (March low) could be tested.

To learn more about this topic, check our video analysis