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EUR/USD extends the bull run to… 1.1300?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Increasing risk aversion is now pushing EUR/USD higher, printing fresh highs near 1.1280 and trading at shouting distance from the key barrier at 1.1300.

    EUR/USD accelerates the upside

    An increasingly biased context towards the risk-off trade and the swelling selling mood now hitting the greenback are combining to lift the pair to fresh 4-month highs in the vicinity of 1.1280, while European equities drop further and US pre-market points to the Dow opening +150 pts lower.

    Adding to the global unease, crude oil prices are extending their daily rout, with both barrels of West Texas Intermediate and Brent losing more than 1% around $29.30 and $32.50, respectively.

    EUR/USD levels to watch

    The pair is now up 0.74% at 1.1273 facing the next hurdle at 1.1300 (psychological handle) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the other hand, a breakdown of 1.1054 (200-day sma) would open the door to 1.0966 (20-day sma) and finally 1.0899 (55-day sma).
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