EUR/USD breaks above 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The euro rose further against the US dollar and broke above 1.1300 hitting a fresh 3-month high. EUR/USD peaked at 1.1322 and remained near the highs, holding above 1.1300.

    USD down in the market

    The rally from 1.1160/65 (daily low) started amid a stronger euro but the push above 1.1300 was boosted by a decline of the US dollar across the board. Greenback erased gains and actually dropped into negative territory even against commodity currencies.

    EUR/USD technical levels

    From Monday’s lows, the pair is now up more than 200 pips. From a technical perspective, it strengthened today after breaking above last week highs located at 1.1245/50.

    To the upside, the next resistance level could be located at 1.1385 (Oct 20 high), 1.1400 (psychological) and 1.1460 (Sept highs). On the other hand, support levels might now be seen at 1.1250 ()previous resistance), 1.1220 (20-hour MA) and 1.1160/65 (daily low).
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