EUR/USD bounces off 1.1080, US CPI eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After a brief visit to the 1.1080 area, EUR/USD is now looking to regain the key 1.1100 handle.

    EUR/USD focus on EU Summit, US CPI

    Spot has surrendered initial gains to the 1.1130 area on Friday, returning to the 1.1100/1.1090 band while EU-UK talks have resumed at the EU Summit in Brussels, although there is still no major progress.

    While the pair is on its way to snap a positive 3-week streak, the dollar will take centre stage later in light of the release of the inflation figures in the US economy, with consensus expecting prices to have risen 1.3% on a year to January.

    EUR/USD levels to watch

    The pair is now advancing 0.02% at 1.1100 facing the next hurdle at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1496 (monthly high Oct.20 2015). On the flip side, a breakdown of 1.1051 (200-day sma) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5).
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