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EUR/USD drops further… 1.08 on sight?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The European currency is losing further ground today, dragging EUR/USD to print fresh multi-week lows in the 1.0830/25 band.

    EUR/USD lower on USD-buying, eyes Beige Book

    Spot came under renewed selling pressure today after US ADP has bettered consensus for the month of February (214K), testing the lower band of the recent range around 1.0830 and leaving the door open for a potential visit to the key support at 1.0800 the figure.

    Later in the NA session, the Fed will publish the Beige Book, where prior surveys expect no surprises but a continuation of the recent upbeat trend.

    EUR/USD levels to watch

    The pair is now losing 0.25% at 1.0839 and a break below 1.0809 (low Jan.29) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0930 (100-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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