EUR/USD finds support at 38.2% fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair recovered from 1.1236 (38.2% of Mar low-Aug high), but gains remain capped around 1.1253 (100% fibo expansion of Dec low-Dec high-Jan low).

    Eyes Yellen testimony

    Traders await Yellen’s take on the interest rate at her testimony to congressional committees. Markets would be interested to hear if the Fed is still planning to raise rates this year despite the recent financial market instability.

    Ahead of the event, the stock markets could create some moves in the EUR/USD pair. The common currency came under pressure earlier today, tracking the rally in the major European stock markets.

    EUR/USD Technical Levels

    The immediate support is seen at 1.1236 (38.2% of Mar low-Aug high), under which the spot could target 1.12, which if taken out shall open doors for a drop to 1.1162 (previous day’s low). On the other hand, resistance is seen at 1.13 ahead of the major hurdle at 1.1338 (previous day’s high), above which the spot could target 1.14 levels.
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