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EUR/USD drops further post-ECB, near 1.1080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency has failed to retake the 1.1100 handle, dragging EUR/USD deeper into the negative territory to fresh lows near 1.1080.

    EUR/USD depressed by risk, dollar, ECB

    The resurgence of the greenback, a better tone in European equities and the generalized sentiment surrounding the risk-on trade keep taking a toll on the pair, which remains subdued in the boundaries of the 1.1080 region.

    In the meantime, the ECB minutes hinted at the likeliness of further easing in the pipeline, showing that the Council has debated the convenience of implementing pre-emptive action, while it has also argued that lower oil prices benefit the economic growth in the euro region.

    EUR/USD levels to watch

    The pair is now retreating 0.40% at 1.1084 with the immediate support at 1.1067 (20-day sma) followed by 1.1052 (200-day sma) and then 1.0965 (61.8% Fibo of December up-move). On the other hand, a breakout of 1.1220 (23.6% Fibo of December up-move) would target 1.1378 (high Feb.11) en route to 1.1460.
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