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EUR/USD ends the week lower after US GDP, eyes on NFP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD consolidates at lows as the week drafts to an end, after hitting its lowest level in three weeks on the back of an upward revision to US GDP.

    The dollar strengthened across the board and dragged EUR/USD through the 100-day SMA to a low of 1.0911, but stalled just ahead the 1.0900 mark. Having spent the last hours in a slim range, the pair is currently trading at 1.0928, recording a 0.81% daily loss and on track to post the second consecutive weekly decline.

    Next week main market focus will be on February nonfarm payrolls report as investors continue to search for clues whether the Fed is ready to raise rates again.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0903/00 (Feb 3 low/psychological level) and 1.0882 (Feb 2 low), while resistances could be found at 1.1047 (200-day SMA), 1.1067 (Feb 26 high) and 1.1138 (Feb 19 high).
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