EUR/USD comes down to test 1.1000 once again

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD has surrendered initial gains today, now returning to the vicinity of the 1.1000 handle.

    EUR/USD lower on EMU data

    The pair has abandoned the area of session highs near 1.1040 posted during early trade following a resurgence of the selling mood around EUR. In addition, mixed results from the euro area saw M3 Money Supply expanding at an annual pace of 5.0% vs. 4.7% expected, while Private Sector Loans rose 1.4% YoY.

    Spot has now come under renewed downside pressure, testing the 1.1000 handle ahead of the final CPI figures in the euro bloc during January and more relevant US releases.

    EUR/USD levels to watch

    The pair is now losing 0.01% at 1.1007 and 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). On the other hand, the next hurdle aligns at 1.1048 (200-day sma) followed by 1.1112 (20-day sma) and finally 1.1220 (23.6% Fibo of December up-move).
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