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EUR/USD eases to 1.1125, ECB accounts in focus

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The EUR/USD pair ran through fresh offers once again at 1.1150 levels and drifted lower following a positive start on the European markets.

    EUR/USD stalls recovery just shy of 5-DMA at 1.1154

    Currently, EUR/USD trades modestly flat at 1.1132, retreating quickly from fresh session lows reached at 1.1124 last minutes. The main currency pair came under renewed selling pressure after the European stocks opened on a firmer note and now looks to join the global rebound amid rallying oil prices. Germany’s DAX rises 0.33%, while the pan-European benchmark, the Euro Stoxx advances 0.29%.

    Looking ahead, with dovish Fed minutes out of the way, focus now remains on the ECB accounts and EMU trade balance figures for further momentum on the major. While the developments surrounding the oil markets will be closely eyed, following the unexpected endorsement of production freeze by Iran.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1150/54 (daily high/ 5-DMA). A break beyond the last, doors will open for a test of 1.1214 (1h 200-SMA/ 10-DMA). On the flip side, the immediate support is placed at 1.1100 (round number) below which at 1.1088/ 84 (daily S1/ Feb 8 Low) could be tested.
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