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EUR/USD falls back below 1.0800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continued to move lower over the last hours and fell back below the 1.08 mark in recent dealings as investors continue to assess dovish ECB rhetoric and further weighed by disappointing Eurozone PMI readings.

    Following a roundtrip from 1.0900 to 1.0777 and back on Thursday, EUR/USD came under renewed pressure on Friday, having dropped nearly 100 pips throughout the day to score a low of 1.0793 in recent dealings.

    From a wider perspective, EUR/USD downside remains favored given divergence policy outlooks, specially after Draghi hinted at further easing yesterday. However, the risk environment surrounding financial markets has limited the shared currency losses.

    EUR/USD technical levels

    As for technical levels, immediate supports could be found at 1.0777/70 (Jan 21 & 7 lows) and 1.0710 (Jan 5 low) ahead of 1.0635 (Dec 1 & 2 highs). On the flip side, resistances are now seen at 1.0880 (20-day SMA), 1.0920 (Dec 21 high) and 1.0975/84 (Jan 20 & 15 highs) ahead of 1.0993 (100-day SMA).
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