EUR/USD appears supported at 1.1000… for now

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD is nose-diving at the beginning of the week, testing the 1.10 handle for the first time since early February.

    EUR/USD lower on risk-on return

    A generalized upbeat mood in the risk-appetite trends has morphed into a rally in crude oil prices along with a positive performance of European equities, while US markets have opened sharply up, confirming today’s momentum. In the meantime, spot has come under renewed selling pressure, meandering in multi-week lows for the time being.

    In the data space, the Chicago Fed National Activity index has come in on the stronger side during January, while Markit’s advanced manufacturing PMI is due later. Closer to home, German GDP figures and the IFO series are due tomorrow morning.

    EUR/USD levels to watch

    The pair is now losing 1.07% at 1.1010 and a breakdown of 1.1000 (psychological level) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, the next up barrier aligns at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1496 (monthly high Oct.20 2015).
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