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EUR/USD comes down to test 1.1200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone around the single currency is now picking up further pace, sending EUR/USD to challenge the key support at the 1.1200 handle.

    EUR/USD weaker on risk-on trade

    The pair’s downside is intensifying ahead of the opening bell in London, with spot extending further its leg lower from last week’s 4-month peaks near 1.1400 the figure.

    The risk appetite remains firm after the Asian session today, as rumours of further easing by the BoJ and today’s rally in the Nikkei have helped to boost sentiment surrounding riskier assets.

    With US markets celebrating the President’s Day holiday, the docket in Euroland will only include EMU’s trade balance figures during December, ahead of Draghi’s Introductory statement before the European Parliament.

    EUR/USD levels to watch

    The pair is now retreating 0.37% at 1.1213 and a breach of 1.1084 (low Feb.8) would target 1.1062 (20-day sma) and finally 1.1025 (200-day sma). On the flip side, the next up barrier lines up at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15).
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