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EUR/USD despite Friday’s fall, posts third weekly gain in a row

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD recovered slightly from session lows during the American afternoon although it remains in negative ground for the day but on track to post its third weekly gain in a row.

    EUR/USD came under pressure following better-than-expected US retail sales data and stretched to a low of 1.1213 before finding support. The pair is currently trading at 1.1255, 0.59% below its Friday’s opening but 1.03% up over the week.

    Earlier this week, a not-so-dovish testimony from Fed Chair Yellen and supportive US data helped the greenback to slow down the decline against the euro.

    EUR/USD technical levels

    As for technical levels, next resistances are seen at 1.1375 (Feb 11 high), 1.1410 (Oct 13 high) and 1.1494 (Oct 15 high). On the other hand, supports could be faced at 1.1160/63 (Feb 9, 10 lows/10-day SMA), 1.1057 (200-day SMA) and 1.0967 (100-day SMA).
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