EUR/USD extends losses to fresh 4-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD has continued to edge lower during the American session despite a string of disappointing US data, as the euro underperforms across the board.

    Weak Eurozone inflation data raised expectations the European Central Bank will ease policy further at next week's meeting, which has weighed on the shared currency since early Europe.

    EUR/USD broke below the 1.0900 level and printed a low of 1.0858, last seen Feb 1. The pair has moved slightly higher and it was last trading at 1.0867, still down 0.62% on the day. The pair however is headed for a tiny monthly gain as long as it closes above 1.0829.

    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). On the flip side, resistances could be found at 1.0975 (50-day SMA), 1.1045 (200-day SMA) and 1.1067 (Feb 26 high).
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