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EUR/USD back near daily highs as US dollar declines

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The US dollar lost momentum across the board and printed fresh daily lows. EUR/USD is moving toward daily highs near the end of the day but the upside remain limited as EUR/GBP extends losses below 0.7550. Stocks in Wall Street erased most of the losses.

    EUR/USD rebounds at 1.0875

    The euro lost bullish momentum after the beginning of the American session and EUR/USD dropped to 1.0875. It gain support and recently it rose further boosted by the decline of the US dollar. It reached 1.0906, level located less than five pips below daily highs.

    It was hovering around 1.0895, consolidating a daily gain of more than 50 pips and back above the 20-day moving average but still holding in a range. According to Valeria Bednarik, Chief Analyst at FXStreet the 4-hour chart “shows that the price is a handful of pips above its moving averages that anyway remain flat and in a tight range. In the same chart, the Momentum indicator heads lower after failing to overcome its mid-line, while the RSI lacks directional strength around 54.”

    On a wider perspective, EUR/USD continues to trade sideways, as it continues to be rejected from above 1.0950 and from below 1.0800.
    For more information, read our latest forex news.
     

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