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EUR/USD breaks below 1.1200 on Brussels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency has accelerated its downside vs. the greenback today, nbow dragging EUR/USD to fresh lows in the 1.1190 area.

    EUR/USD weaker after explosions in Belgian metro

    The pair has come under further downside pressure after three explosions were reported at three metro stations in Brussels today, following an earlier explosion with several dead at the airport.

    Spot has quickly broken below the critical support at 1.1200 the figure although it seems that some decent support emerged in the 1.1190/80 band for the time being.

    Data wise in Euroland, both French and German flash manufacturing PMI prints have missed expectations for the current month, while the German IFO is next on tap.

    EUR/USD levels to watch

    The pair is now retreating 0.33% at 1.1204 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1083 (20-day sma) and finally 1.1043 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).
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