EUR/USD bounces off lows and trims losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD edged a tad higher after hitting daily lows in the vicinity of 1.0800 during the European session, but overall remains well within its recent range.

    With markets mood improving, EUR/USD has entered a consolidation phase on Wednesday, oscillating between a low of 1.0804 and a high of 1.0860. Having moved off lows and reached a session high of 1.0847, the pair is currently trading at 1.0840, stil a few pips below its opening price.

    With no first-tier data scheduled for the American session, the Fed’s Beige Book could offer some clues about the state of the US economy when it is published at 19:00 GMT. On Thursday, the ECB will publish the minutes of its latest meeting.

    EUR/USD levels to watch

    In terms of technical levels, next supports are seen at 1.0804/00 (Jan 13 low/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low). On the other hand, resistances could be found at 1.0890 (20-day SMA), 1.0969 (Jan 11 high) and 1.1021 (100-day SMA).
    For more information, read our latest forex news.

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