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EUR/USD consolidates at 1-week lows

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD consolidates losses near session lows as the greenback retains the firm tone across the board amid thin liquidity given the US Presidents’ Day.

    EUR/USD came under pressure on Monday, amid improved market’s sentiment, and fell to a 1-week low of 1.1127 into the European close, but the dollar lost momentum and the pair was confined to a range over the last hours. At time of writing, EUR/USD is trading at 1.1142, still 0.76% below its opening price.

    Earlier on the day, Mario Draghi said the European Central Bank is ready to do its part and he reiterated “the Governing Council will review and possibly reconsider the monetary policy stance in early March”.

    EUR/USD levels to watch


    As for technical levels, immediate supports are seen at 1.1127 (Feb 15 low), 1.1055 (200-day SMA) and 1.0967 (100-day SMA). On the other hand, resistances could be found at 1.1186 (10-day SMA), 1.1249 (Feb 15 high), 1.1333 (Feb 12 high) and 1.1375 (Feb 11 high) ahead of 1.1410 (Oct 13 high).
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