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EUR/USD erases losses and moves off daily lows

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD rose during the last three hours and the price is now attempting to rally above the 20-hour moving average, but still remains limited.

    Euro erases losses but…

    Earlier EUR/USD dropped from 1.0870 to 1.0816 from where it bounced to the upside. During the American session, the US dollar weakened across the board, but the EUR/USD only appreciated modestly. Risk appetite limited the euro.

    The pair recently hit a session high at 1.0849 and it was trading at 1.0845, at the 20-hour MA, with the euro attempting to remain on top and holding at the same level it closed yesterday.

    EUR/USD technical levels

    Earlier today the pair attempted to extend the recovery from levels under 1.08 but the 20-day moving average at 1.0870 capped the upside; if it rises above attention would turn to 1.0930/40 (Jan 07, 14 and 19 highs) and then, the key barrier around the 1.1050 zone (Jan highs, 200-day MA). On the opposite direction support might be located at 1.0815 (daily low), 1.0785 (Jan 22 & 25 low) and 1.0775 (Jan 21 low).
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