EUR/USD climbs further as risk appetite fades

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD extended gains to fresh weekly highs above 1.0900 during the New York session as the greenback continued to weaken following another round of disappointing US data while the euro gained as risk appetite receded.

    EUR/USD pushed through previous highs and reached a peak of 1.0943 after data showed US pending home sales rose by only 0.1% in December versus an increase of 0.9% expected. Earlier, an awful reading of durable goods orders hit the dollar across the board.

    Meanwhile, oil prices and stocks pulled back following a short-lived spike triggered by reports suggesting oil producer countries might reach an output cut agreement to stabilize prices.

    EUR/USD technical levels

    In terms of technical levels, immediate resistances are seen at 1.0982 (100-day SMA) and 1.1000 (psychological level) ahead of 1.1050 (200-day SMA). On the other hand, supports could be found at 1.0867 (20-day SMA), 1.0837 (50-day SMA), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low).
    For more information, read our latest forex news.

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