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EUR/USD fades the spike, back to 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a brief adventure to overnight highs near 1.0920, EUR/USD has now returned to the 1.0900 neighbourhood as the European session has just kicked in.

    EUR/USD hinges on risk trends

    Absent relevant releases in Euroland and the US economy, the risk trends will once again come to the fore as the exclusive drivers for the pair’s price action today. In the meantime, spot is up for the second session in a row, keeping alive the rebound from recent lows in the 1.0800 region.

    EMU’s Producer Prices and Unemployment Rate are due later in the European morning, while IBD/TIPP index, Fed’s E.George’s speech and the API’s weekly report on oil stocks will be in the limelight across the pond.

    EUR/USD levels to watch

    The pair is now advancing 0.05% at 1.0900 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1053 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
    For more information, read our latest forex news.
     

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