EUR/USD completes round trip, rises back to 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD managed to recover further and retraced completely the intraday losses triggered by dovish rhetoric from ECB President.

    EUR/USD climbed back to the 1.0900 area, completing a round trip to a 2-week low of 1.0777 as investors continue to digest Draghi's comments. The pair bounced from lows and was initially capped by the 1.0845 area, but picked up fresh momentum in the American afternoon and reached a session high of 1.0900.

    However, EUR/USD failed to regain the psychological level and pulled back slightly. It was last trading at 1.0885, just a few pips below its opening price.

    EUR/USD technical levels

    As for technical levels, immediate supports could be found at 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low). On the flip side, resistances are now seen at 1.0975/84 (Jan 20 & 15 highs), 1.0997/1.1000 (100-day SMA/psychological level) and 1.1048 (200-day SMA).
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