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EUR/USD depressed around 1.1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling bias remains unchanged around the shared currency on Friday, confining EUR/USD to trade in the 1.1100/1.1080 band for the time being.

    EUR/USD down on profit taking, risk-on

    Spot keeps alive its downside from ECB-led peaks around 1.1220 during overnight trade. Risk appetite sentiment has been spreading into the global markets at the end of the week, sustaining today’s sharp rebound in equities, crude oil and high-beta currencies.

    Collaborating with the downside, the greenback is extending its bounce off recent lows after market participants have digested the ECB move and are now shifting their focus on next week’s FOMC meeting.

    EUR/USD levels to watch

    The pair is now losing 0.72% at 1.1097 facing the next support at 1.1044 (200-day sma) ahead of 1.0985 (55-day sma) and then 1.0820 (post-ECB low Mar.10). On the upside, a breakout of 1.1218 (post-ECB high Mar.10) would expose 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11).
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