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EUR/USD clinches highs near 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is now gathering further traction following a bout of USD-weakness, lifting EUR/USD to fresh highs near 1.1050.

    EUR/USD stronger on USD-selling

    The pair tested the area of the 200-day sma in the mid-1.1000s in response to a now increased selling interest hitting the dollar, after St. Louis Fed’s J.Bullard argued against predicting number of rate hikes. In addition, Bullard has reiterated the Fed’s ‘data-dependent’ stance.

    Ahead in the session, US Initial Claims are due followed by Durable Goods Orders and the speech of Atlanta Fed President Dennis Lockhart.

    EUR/USD levels to watch

    The pair is now up 0.31% at 1.1040 with the next hurdle at 1.1048 (200-day sma) followed by 1.1112 (20-day sma) and finally 1.1220 (23.6% Fibo of December up-move). On the other hand, a break below 1.0974 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move).
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