EUR/USD extends daily gains, approaches 100-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD has continued to move slightly higher during the American afternoon, hitting fresh 8-day highs as the dollar was under mild pressure on the back of disappointing economic data.

    EUR/USD extended gains into a fourth straight day, and reached a peak of 1.0967 in recent dealings despite stocks turned positive in Wall Street. However, the pair lost momentum ahead of last week’s high (1.0975) and the 100-day SMA, which stands as next major resistance level around 1.0982.

    EUR/USD technical levels

    At time of writing, EUR/USD is trading at 1.0960, up 0.64% on the day. On the upside, if EUR/USD manages to rise above the 100-day SMA, next resistances are seen at 1.1000 (psychological level) and 1.1050 (200-day SMA). On the other hand, short-term supports could be found at 1.0867 (20-day SMA), 1.0837 (50-day SMA), 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low).
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