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EUR/USD fails once again near 1.0940, stays above 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD pair is seen giving up the bid tone as risk-off moods seem to have eased a bit on the back of a minor-recovery seen in the oil prices.

    EUR/USD holds above 100-DMA

    Currently, EUR/USD modestly flat at 1.0915, retreating gradually from session highs reached at 1.0936. The shared currency is losing ground and peaks into the red zone against its American counterpart as we progress towards late-Asian trades, with markets offered some respite as oil prices embark upon the recovery mode.

    Meanwhile, Nikkei now drops -2.69% versus -3.60% previously, while the ASX 200 index is down 2% versus -2.50% seen earlier. While both crude benchmarks have erased most losses and trade modestly flat, with the WTI approaching $ 30 and the Brent around $ 32.70.

    Attention now turns to the macro calendar for the day ahead, with the final services PMI across the Euro area to fill in the European session, while ADP report and ISM non-manufacturing PMI will be reported later in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0950/51 (round number/ Jan 29 High). A break beyond the last, doors will open for a test of 1.0969/75 (Jan 28 High/ daily R2). On the flip side, the immediate support is placed at 1.0905/00 (100-DMA / round number) below which 1.0874/70 (10-DMA / 1h 200-SMA) could be tested.
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