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EUR/USD drops to fresh daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD turned lower after finding resistance at the 200-hour SMA, and reversed early gains, as risk sentiment improved following a bounce in oil prices.

    Although stocks are still trading negatively, they moved off session lows. Against this backdrop, EUR/USD came under pressure and fell nearly half a cent over the last hours to hit a daily low of 1.0825 in recent dealings. At time of writing, the pair is trading at 1.0830, now 0.17% below its opening price, having been as high as 1.0873.

    With little in terms of first-tier data or events, FX markets remain driven by movements in other asset classes, with price action limited ahead of the Federal Reserve decision tomorrow.

    EUR/USD levels to watch

    As for technical levels, next supports could be found at 1.0800 (psychological level), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low). On the flip side, resistances are seen at 1.0873 (200-hour SMA/Jan 26 high), 1.0920 (Dec 21 high) and 1.0975 (Jan 20 high) ahead of 1.0984/87 (Jan 15 high/100-day SMA).
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