EUR/USD extends the drop near 1.0970

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The European currency is now accelerating its daily downside, dragging EUR/USD to test fresh lows near 1.0970.

    EUR/USD retreats on USD-strength

    The pair keeps the trade in 3-week lows after breaching the psychological support at the 1.1000 mark on Wednesday in response to an abrupt pick up in the buying interest around the US dollar – which navigates in 3-week peaks near 97.90 when gauged by the US Dollar Index.

    Absent releases in Euroland today, market participants will turn their attention to the US docket, where New Home Sales, the EIA’s weekly report and speeches by Fed’s Bullard and Kaplan are due later.

    EUR/USD levels to watch

    The pair is now losing 0.34% at 1.0980 facing the next support at 1.0965 (61.8% Fibo of December up-move) ahead of 1.0809 (low Jan.29) and finally 1.0709 (YTD low Jan.5). On the other hand, a break above 1.1108 (20-day sma) would open the door to 1.1123 (38.2% Fibo of December up-move) and then 1.1220 (23.6% Fibo of December up-move).
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