EUR/USD breaks below 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is extending its downside today, now helping EUR/USD to breach the key support at the 1.0900 handle.

    EUR/USD in 4-week lows

    Spot is retreating further on Monday, prolonging last week’s pullback to sub-1.0900 levels for the first time since early February, when it was trading near 1.1400 the figure, yearly peaks so far.

    Lower than expected advanced CPI figures in the euro area during February have impacted adversely on EUR, paving the way for some kind of action by the European Central Bank on March 10 amidst increasing speculations amongst traders.

    EUR/USD levels to watch

    The pair is now losing 0.41% at 1.0891 and a break below 1.0867 (76.4% Fibo of December up-move) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next hurdle aligns at 1.0971 (55-day sma) ahead of 1.1048 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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