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EUR/USD fails near Friday’s high, eases to 1.1200

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD is seen paring gains and reverts to 1.12 handle, having failed to sustain at higher levels near Friday’s high at 1.1246.

    EUR/USD tracks stocks, risk trends

    Currently, EUR/USD rises 0.10% to 1.1205, bouncing-off a brief dip to 1.1198 levels last minutes. The bid tone around the EUR is gradually weakening as the risk-averse market conditions appear to ease after the Japanese stocks free-fall stalled, while the black gold continues to consolidate in the green zone. The Japanese benchmark, the Nikkei now recovers 16,175, down -4.87% versus -5.90% previous.

    Further, with improving risk sentiment, the greenback is also seen trimming losses against its major rivals, which also adds to the retreat in EUR/USD from near four-month tops. Meanwhile, the US dollar drops -0.16% to 96.60, reversing a dip to 96.30 region.

    Markets now await second-tier economic data in the German industrial production and trade balance figures due later in the upcoming session for fresh cues on the major. While developments surrounding oil and stocks will remain in focus.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.1246/50 Feb 5 High/ round number). A break beyond the last, doors will open for a test of 1.1298/1.1300 (daily R2). On the flip side, the immediate support is placed at 1.1184/80 (Daily low/ 5-DMA) below which at 1.1164/50 (daily pivot/ psychological levels) could be tested.
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