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EUR/USD attempts a recovery to 1.1150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone in the greenback seems to have returned, now allowing EUR/USD to rebound to the 1.1150 area.

    EUR/USD still in red, upside capped at 1.1220

    The pair has managed to gather some traction and stage a strong rebound after bottoming out in the 1.1080 region, all backed by a renewed selling mood surrounding the dollar.

    Despite the ongoing bounce, spot trades well into the negative territory in a context where the risk-on sentiment remains on a firm footing.

    Previously, ECB’s Likanen said he expects rates to stay in current or lower levels for an extended period of time, while news also reported that the Bundesbank opposed to the recently announced ECB’s additional easing measures.

    EUR/USD levels to watch

    The pair is now losing 0.31% at 1.1143 facing the next support at 1.1044 (200-day sma) ahead of 1.0985 (55-day sma) and then 1.0820 (post-ECB low Mar.10). On the upside, a breakout of 1.1218 (post-ECB high Mar.10) would expose 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11).
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