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EUR/USD dips back below 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD pulled back from daily highs into the European close as stocks trimmed some losses, with the pair sliding back below the 1.09 mark.

    EUR/USD climbed to a high of 1.0912 during the New York session, amid mixed US PMI manufacturing data, but failed to hold above the 1.0900 level for long. However, the subsequent setback was contained by the 1.0875 zone and the pair was last trading at 1.0887, still up % on the day.

    Contributing with euro’s retreat, European Central Bank President, Mario Draghi, reiterated last week’s statement. He said that inflation is "tangibly weaker" than the bank expected and underlined ECB readiness to act, if necessary.

    EUR/USD technical levels

    As for technical levels, immediate resistances line up at 1.0974 (100-day SMA),1.1000 (psychological level) and 1.1052 (200-day SMA). On the flip side, supports are seen at 1.0809 (Jan 29 low), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low) ahead of 1.0636 (Dec 1 & 2 highs).

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