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EUR/USD challenging 1.1100 ahead of ECB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is now depreciating further vs. the greenback, with EUR/USD challenging earlier lows near 1.1110.

    EUR/USD on risk-on sentiment

    Crude oil prices continue to recover today, with the barrel of WTI advancing well above the $31.00 mark and boosting the sentiment towards riskier assets in detriment of the EUR, which acts as a funding currency.

    With spot still navigating within the recent range, market participants are now looking to the ECB Accounts for the last meeting, looking for any clues on the potential action to be taken at the March meeting.

    EUR/USD levels to watch

    The pair is now retreating 0.15% at 1.1112 with the immediate support at 1.1070 (20-day sma) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a breakout of 1.1220 (23.6% Fibo of December up-move) would target 1.1378 (high Feb.11) en route to 1.1460.
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