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EUR/USD drops below 1.13 as European stocks rise in early trading

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The EUR/USD pair dropped below 1.13 handle as the carry unwind stalled following an uptick in the European stocks.

    Hourly 50-MA is now a resistance

    The hourly 50-MA, which acted as a strong support earlier today has been taken out following the European opening bell. The Euro Stoxx 50 index currently trades 1% higher. Therefore, the demand for the safe havens and funding currencies has dropped for now.

    However, the losses are being restricted around 1.1280 as investors wish to see if stocks maintain the bid tone or the concerns surrounding the banking sectors triggers another round of sell-off.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1293 (hourly 50-MA), above which the spot could target 1.1376 (Feb 11 high). On the other hand, of the immediate support of 1.1256 (hourly 100-MA) could see the spot drop to 1.12 levels.
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