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EUR/USD drops further near 1.1070

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling pressure is now growing bigger around the common currency, with EUR/USD visiting the area of 1.1080/70 or session lows.

    EUR/USD eyes on the 200-day sma

    Spot has intensified its downside bias following the opening bell in Euroland and remain on track to challenge the mid-1.1000s, where sits the key 200-day sma. A positive start of European equities plus a continuation of the USD-rally are adding to the selling sentiment now hitting EUR.

    Spot will surely come under further pressure later in the NA session, in light of US CPI figures during February and the more relevant FOMC meeting and subsequent press conference by Chief Janet Yellen.

    EUR/USD levels to watch

    The pair is now down 0.27% at 1.1078 facing the next support at 1.1042 (200-day sma) ahead of 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a breakout of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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