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EUR/USD around 1.1020 on EMU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The European currency keeps its daily gains vs. the dollar today, with EUR/USD hovering over the 1.1020/25 band so far.

    EUR/USD unchanged on GDP results

    The sentiment remains unaltered around the single currency on Tuesday after EMU’s GDP figures showed the economy has expanded 0.3% inter-quarter during Q4 and 1.6% on an annualized basis, surpassing prior surveys at 1.5%. Ahead in the session, the NFIB’s index is only due in the US calendar followed by the weekly report on crude stockpiles by the API.

    In the meantime, spot is managing quite well to keep the trade above the 1.1000 handle, although the recent upside will be put to the test later in the week in light of the ECB meeting and prospects of additional stimulus in the region.

    EUR/USD levels to watch

    The pair is now up 0.08% at 1.1022 and a break above 1.1045 (200-day sma) would expose 1.1071 (high Feb.26) and then 1.1123 (38.2% Fibo of 1.1379-1.0709). On the flip side, the next support lines up at 1.0978 (55-day sma) ahead of 1.0913 (100-day sma) and finally 1.0823 (low Mar.2).
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