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EUR/USD: Buyers in control, testing highs near 1.1130

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD pair regained 1.11 handle in the Asian trades this Friday, ending five consecutive sessions of losses, as the fresh sell-off in the Asian equities underpinned the common currency.

    EUR/USD climbs to 5-DMA at 1.1131

    Currently, EUR/USD trades 0.15% higher at 1.1124, easing-off fresh session highs reached at 1.1130 in the last hour. The main currency pair found renewed bids just ahead of 1.11 handle and extended the overnight recovery thereon, after a renewed bout of risk-aversion hit Asia following negative close on the US markets as the oil prices fell back in the red. The Japanese stocks lead the decline in the Asian indices, with the Nikkei dropping -2.25%.

    Further, the greenback continues to retreat against its major peers, having witnessing some fresh buying interest after the US economic data released yesterday bettered expectations. The Philly Fed manufacturing gauge booked -2.8 in Feb, compared to -3.5 booked in January and against -3.0 forecasts.

    In the day ahead, in absence of first-tier economic data from the Euro zone, the German factory gate prices will be eyed. While the US inflation report will remain the main highlight.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1150/53 (psychological levels/ Feb 18 High). A break beyond the last, doors will open for a test of 1.1205/10 (10-DMA/ 1h 200-SMA). On the flip side, the immediate support is placed at 1.1100 (round number) below which at 1.1084/68 (Feb 8 & 18 Low) could be tested.
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