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EUR/USD attempting gains as European stocks wobble

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair is on the rise, trading around 1.1150 as the stock markets around Europe are having a tough time in staying positive on the day.

    Stock losses supporting EUR

    The funding currency is witnessing strength once again amid losses in the stock markets. The major European indices are trading flat to negative, except London’s FTSE, which was up 0.10%. The USD is under pressure as the uptick in the January wage growth and the drop in unemployment reported on Friday failed to push up the Fed rate hike bets.

    The Eurozone industrial production may receive little attention if the stock markets extend the drop. Across the pond, the data calendar is empty.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1171 (hourly 50-MA), above which the pair could rise to 1.1236 (38.2% of Mar low-Aug high). On the other hand, a break below 1.11 handle could shift risk in favor of a drop to 1.1079 (hourly 100-MA).
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