EUR/USD deflates to 1.1280 ahead of EC, Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The upside of the common currency is now running out of steam, sending EUR/USD to re-visit the area of 1.1280 ahead of the opening bell in Euroland.

    EUR/USD attention to EC, Yellen

    The recent upside to fresh 4-month highs around 1.1350 during the Asian trading hours lacked of further follow through, prompting the pair to spark the current leg lower as the risk-off sentiment has somehow ebbed.

    Ahead in the day, the European Commission will publish its Economic Growth Forecasts for the region, although Chairwoman Yellen’s testimony at Capitol Hill will take centre stage later in the NA session.

    EUR/USD levels to watch

    The pair is now retreating 0.09% at 1.1283 and a breach of 1.1055 (200-day sma) would open the door to 1.0979 (20-day sma) and finally 1.0904 (55-day sma). On the flip side, the next up barrier lines up at 1.1460 (monthly high Sep.18) ahead of 1.1496 (monthly high Oct.15) and finally 1.1713 (post-PBoC high Aug.24).
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