EUR/USD erases intraday losses, eyes on FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD recovered from fresh weekly lows and trimmed most of its intraday losses, although it remains overall little changed as investors await the FOMC meeting minutes.

    Upbeat PPI and industrial production data lifted the greenback at the beginning of the New York session and dragged EUR/USD to its lowest level in nine days at 1.1105. However, the shared currency managed to recover ground and climbed back to the 1.1140 zone.

    EUR/USD levels to watch

    At time of writing, the pair is trading at 1.1137, just a few pips below its opening price. In terms of technical levels, immediate supports are seen at 1.1085 (Feb 8 low), 1.1055 (200-day SMA) and 1.0965 (100-day SMA). On the flip side, resistances could be found at 1.1210 (10-day SMA), 1.1249 (Feb 15 high) and 1.1333 (Feb 12 high).
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