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EUR/USD advances further to 1.1150, ECB eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The shared currency is extending its upside momentum at the end of the Asian session, sending EUR/USD to test daily highs near 1.1150.

    EUR/USD focus on risk, ECB

    The dovish tone from yesterday’s FOMC minutes had no impact on the pair, as market participants have been quite anticipating such an outcome from the Committee. In turn, the risk-on trade kept moving forward backed by a solid rebound in crude oil prices and a positive performance of equities, driving spot to the 1.1100 neighbourhood.

    The risk appetite now seems to be receding a tad following a knee-jerk in crude oil prices and despite the firmer close in Asian equity markets, with the Nikkei up more than 2% and the Shanghai gaining 0.55% for the day, all helping the pair to regain the mid-1.1100s.

    Ahead in the session, EMU’s Current Account figures are due ahead of the ECB Accounts. Across the pond, the usual weekly report on the US labour market is due, followed by the Philly Fed Survey, EIA’s report on crude inventories and the speech by Fed’s Williams.

    EUR/USD levels to watch

    The pair is now advancing 0.15% at 1.1147 facing the next hurdle at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1460. On the flip side, a breakdown of 1.1070 (20-day sma) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5).
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