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EUR/USD back to positive ground, near 1.0930

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has now recovered the smile, sending EUR/USD back to the 1.0930 area after testing lows near 1.0900.

    EUR/USD firmer ahead of ADP

    The current recovery of crude oil prices seem to be lending some support to the pair, which has managed to bounce off session lows in the boundaries of 1.0900 the figure.

    Mixed results from January’s Services PMI in the euro area have passed largely unnoticed, while EMU’s Retail Sales have expanded 0.3% MoM during December, matching estimates.

    Ahead in the session, market consensus expects the ADP report to come in just below the 200K threshold and the ISM Non-manufacturing a tad lower to 55.1 for the last month.

    EUR/USD levels to watch

    The pair is now advancing 0.10% at 1.0925 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1053 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).

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