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EUR/USD extends recovery to 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The euro continued to recover ground against the US dollar and recently reached 1.0908 and currently is attempting to consolidate 1.0900; it was trading at 1.0892/96, less than 30 pips below yesterday’s closing price.

    EUR/USD down, but rebounds

    EUR/USD drooped quickly after the release of the US Employment report and bottomed at 1.0800, where it found support and bounced to the upside. Initially, the area around the 20-hour moving average capped the upside at 1.0880. But the euro gained strength as US stocks turned to the downside and pushed the pair further to the upside.

    During the last hours the euro, the Swiss franc and the yen area among the top performers, boosted by risk aversion. Main stocks indexes in the US have erased most of the gains. The Dow Jones is now up by 21 points earlier it was gaining a hundred points. Crude oil is back below $33.00 still holding above multi-year lows.

    EUR/USD technical levels

    In the short term, resistance levels might be seen at 1.0940 (Dec30, 31 & Jan 07 highs) and 1.0990 (Dec 28 & 29 high). While, on the flip side, support could be located at 1.0885 (20-hour MA), 1.0850 (intraday low) and 1.0800 (Dec 16, 17 & Jan 8 low / psychological level).
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