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EUR/USD eases to 1.1140, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The upside momentum in the single currency continues to run out of legs today, now sending EUR/USD to daily lows in the 1.1140 area.

    EUR/USD retreats from 1.1220

    Spot remains on the defensive on Friday as market participants continue to digest yesterday’s easing package announced by the ECB, while some profit-taking is also playing its role, collaborating with the downside.

    Nothing worth mentioning data wise in Euroland – definitively not after the ECB move – with German inflation figures matching preliminary readings for the month of February and Spanish CPI coming in a bit softer.

    EUR/USD levels to watch

    The pair is now losing 0.36% at 1.1135 facing the next support at 1.1044 (200-day sma) ahead of 1.0985 (55-day sma) and then 1.0820 (post-ECB low Mar.10). On the upside, a breakout of 1.1218 (post-ECB high Mar.10) would expose 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11).
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