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EUR/USD finds support near 1.0970

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling mood is now dragging EUR/USD to fresh multi-day lows in the vicinity of 1.0970 and amidst a negative tone from European equity markets.

    EUR/USD focus on risk, US data, Fedspeak

    The pair is trading in fresh 3-week troughs after quickly breaking below the psychological barrier at 1.1000 the figure today following an increasing bid tone in the greenback.

    Fanning the flames, crude oil prices are extending the drop, with the barrel of Brent navigating multi-day lows in the mid-$32.00s.

    Ahead in the day, US New Home Sales, the weekly report on inventories by the EIA and speeches by Fed’s Bullard and Kaplan (no voter) will take centre stage in the NA session.

    EUR/USD levels to watch

    The pair is now losing 0.34% at 1.0981 facing the next support at 1.0972 (55-day sma) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a break above 1.1108 (20-day sma) would open the door to 1.1123 (38.2% Fibo of December up-move) and then 1.1220 (23.6% Fibo of December up-move).
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