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EUR/USD finds support near 1.0800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency is now attempting a recovery vs. the dollar, sending EUR/USD to test the 1.0825/30 band ahead of the NA open.

    EUR/USD remains in red, European equities rally

    Chinese trade balance figures during December continue to sustain the current risk-on environment in Europe, collaborating with the selling pressure around EUR and propping up the rally in equities.

    Data wise in Euroland, November’s Industrial Production in the euro region has disappointed markets, contracting at a monthly pace of 0.7%. In the US economy, Boston Fed’s E.Rosengren and Chicago Fed’s C.Evans will be on the wires later today, ahead of the Fed’s Beige Book.

    EUR/USD levels to watch

    The pair is losing 0.30% at 1.0821 and a breakdown of 1.0798 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3). On the flip side, the next up barrier lines up at 1.0886 (20-day sma) followed by 1.1013 (100-day sma) ahead of 1.1059 (high Dec.15) and finally 1.1126 (5-month downtrend).
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