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EUR/USD back below key Fibo level, stays around 1.09

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bullish EUR/USD is back below 1.0931 (23.6% of 1.0517-1.1060), but the risk aversion in the equities has kept the pair above 1.09 levels.

    Risk aversion and hawkish ECB talk support EUR

    The bid tone around the common currency remains largely intact on account of a more than 2% drop in the pan-European Stoxx 50 index. The Reuters report citing majority of the ECB members against more easing also helps the EUR maintain gains against the USD.

    The pair remains at the mercy of the action in the European stocks ahead of the US opening bell. Meanwhile, comments from Fed’s Bullard due later today could also influence the demand for the USD.

    EUR/USD Technical Levels

    The pair currently trades around 1.0905. The immediate resistance is seen at 1.0931 (23.6% of 1.0517-1.1060), above which the pair could target 1.10. A break higher would expose the latest cyclical high of 1.1060. On the other hand, a break below 1.0890 (38.2% of 1.1495-1.0517) would expose 50-DMA support at 1.0813.
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