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EUR/USD extends losses to fresh 1-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The euro has extended losses to a fresh 1-month low against a stronger dollar amid contrasting PMI readings.

    EUR/USD came under renewed pressure on Tuesday on the back of disappointing manufacturing PMIs around the eurozone, while on the contrary the greenback strengthened following upbeat ISM PMI and construction spending data.

    EUR/USD fell to a low of 1.0833 so far during the New York session and is on track to post its third daily loss in a row. At time of writing, the pair is trading at 1.0845, down 0.24% on Tuesday.

    EUR/USD levels to watch


    As for technical levels, immediate supports are seen at 1.0814 (Feb 1 low) and 1.0777 (Jan 21 low) ahead of 1.0709 (Jan 5 low). On the flip side, resistances could be found at 1.0943 (100-day SMA), 1.0975 (50-day SMA), 1.1045 (200-day SMA) and 1.1067 (Feb 26 high).
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