EUR/USD extends recovery and climbs to session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD made an U-turn and climbed back to the upper-side of its daily range after bouncing from below 1.1100 during the American session.

    EUR/USD fell through 1.1100 to a low of 1.1065 after data showed US core CPI rose 0.3% in January, the largest monthly rise in over 5 years. However, the greenback failed to consolidate gains and EUR/USD advanced to a session high of 1.1133 where the 100-hour SMA offered resistance.

    At time of writing, EUR/USD is trading at 1.1125, now up 0.18% on the day. Should the euro close above 1.1105 it will be recording its first daily gain in six against the dollar.

    EUR/USD levels to watch

    As for technical levels, immediate resistances could be faced at 1.1149 (Feb 18 high), 1.1178 (Feb 17 high), 1.1194 (10-day SMA) and 1.1249 (Feb 15 high). On the flip side, supports are seen at 1.1053 (200-day SMA), 1.0963 (100-day SMA) and 1.0903 (Feb 3 low).
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