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EUR/USD Bears take a breather, reverses a dip to 1.1110

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR bears loosened the grip over the last hour, allowing a minor-recovery in the EUR/USD pair from near 1.1110 region heading into the Euro zone industrial output release.

    EUR/USD regains 5-DMA

    Currently, EUR/USD trades -0.20% lower at 1.1130, climbing back above 5-DMA placed at 1.1125. The main currency pair moves-off lows, although struggles to recover ground as the European stocks join the global risk-on rally and brought back renewed optimism into markets, dampening the safe-haven appeal for the euro.

    Germany’s DAX jumps +1.83%, the UK’s FTSE gains +0.60%, while the pan-European benchmark, the Euro Stoxx 50 shoots +1.20% so far this session.

    The downside in the EUR/UD pair appears restricted on the back of mixed trading seen in the USD against its major peers, as the USD bulls remain on the back foot as focus now remains on the Fed decision for further momentum. In the meantime, the next economic event in focus is the Euro zone industrial production data due out shortly.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1218 (three-week high). A break beyond the last, doors will open for a test of 1.1250/53 (Feb 15 High). On the flip side, the immediate support is placed at 1.1100 (psychological levels) below which at 1.1080/78 (Mar 11 Low) could be tested.
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