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EUR/USD dips below 1.11 as Stoxx 50 rallies 1%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone around EUR strengthened due to the rally in the European equities, pushing the EUR/USD below 1.11 levels.

    Hovers around 50% Fibo level

    The spot currently trades around 1.1088 (50% of Mar low-Aug high). The pair was supported by the rally in EUR/GBP cross on account of broad based GBP selling. However, the equity markets in Europe rallied more than 1% and eventually weighed over the EUR/USD pair.

    The immediate focus now is on the German manufacturing and services PMI release. Ahead of the US data, the spot could continue to track the equity market sentiment.

    EUR/USD Technical Levels

    The immediate hurdle is seen at 1.1127 (5-DMA), above which the pair could make an attempt at a major hurdle seen at 1.1189 (10-DMA). On the other hand, a breakdown of immediate support at 1.1052 (200-DMA) would open doors for a slide to 1.10 levels.
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