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EUR/USD breaks below 1.1200, fresh lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The European currency is now losing the grip, sending EUR/USD to test fresh daily lows in the 1.1180/70 area.

    EUR/USD weaker ahead of Draghi

    Spot remains entrenched in the negative territory on Monday in response to a pick up in the dollar’s sentiment and a fresh wave of risk-on trade sparked in the Asian session. In fact, the demand for USD keeps on the rise, extending the upbeat sentiment after last week’s auspicious results from US Retail Sales during January.

    In what will be the most relevant event today, ECB’s M.Draghi will give a speech before the European Parliament later in the session, while US markets will remain closed due to the President’s Day holiday.

    EUR/USD levels to watch

    The pair is now retreating 0.66% at 1.1179 and a breach of 1.1084 (low Feb.8) would target 1.1062 (20-day sma) and finally 1.1025 (200-day sma). On the flip side, the next up barrier lines up at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15).
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