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EUR/USD comes down to test 1.0850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The offered tone around the common currency is now gathering further traction, taking EUR/USD back to the 1.0850 area.

    EUR/USD lower on USD-buying

    The pair has faded the initial spike to the 1.09 neighbourhood early in the European morning following a now better tone in the US dollar. The euro met further selling pressure in response to a positive performance in the European equities, with most of the benchmark indices posting gains for the day so far.

    Nothing of note data wise in the euro area, while only second tier releases are expected in the US calendar. Instead, the speeches by Fed’s Fischer and Lacker will keep investors entertained.

    EUR/USD levels to watch

    The pair is advancing 0.03% at 1.0855 facing the next hurdle at 1.1015 (100-day sma) ahead of 1.1059 (high Dec.15) and finally 1.1132 (5-month downtrend). On the other hand, a breakdown of 1.0860 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3).
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