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EUR/USD drops further, visits 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The shared currency keeps losing altitude on Wednesday, now sending EUR/USD to fresh daily troughs in the mid-1.0900s.

    EUR/USD cautious ahead of ECB

    Spot is prolonging its daily pullback from overnight tops near 1.1070 against the backdrop of rising cautiousness amongst traders in light of tomorrow’s critical ECB gathering.

    In fact, prior market surveys expect the central bank’s Council to announce additional stimulus (either via a deposit rate cut, increasing bond purchases or a another combination of measures), although skepticism also lingers after the ECB disappointed markets at the December meeting.

    EUR/USD levels to watch

    The pair is now losing 0.48% at 1.0952 facing the next support at 1.0913 (100-day sma) ahead of 1.0823 (low Mar.2) and then 1.0709 (2016 low Jan.5). On the upside, a breakout of 1.1045 (200-day sma) would expose 1.1101 (50% Fibo of 1.1379-1.0823) and then 1.1166 (38.2% Fibo of 1.1379-1.0823).
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