EUR/USD fades the spike to 1.1000

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:
    EUR/USD has quickly deflated to the 1.0980 area after a failed attempt to regain the 1.1000 handle and beyond.

    EUR/USD supported around the 100-day sma

    The pair’s current decline seems to have found decent support around the 100-day sma located just above 1.0950, triggering a bull run to the 1.1000 neighbourhood before losing vigour once again.

    In addition, comments by BuBa J.Weidmann have left the door open for a review of the current ECB’s stimulus package, collaborating with the daily leg lower.

    EUR/USD levels to watch

    The pair is now losing 0.34% at 1.0980 facing the next support at 1.0953 (100-day sma) 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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