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EUR/USD firmer, in highs near 1.0840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency’s upside momentum remains well and sound after the release of the German IFO, with EUR/USD navigating the 1.0830/40 area for the time being.

    EUR/USD firmer on risk aversion

    Spot has ultimately ignored the results of the German IFO for the month of January, coming in below expectations in all of its components. In the meantime, a fresh wave of risk aversion has been triggered following the opening bell in Euroland today, sending spot to test session peaks in the vicinity of 1.0840.

    Data wise across the pond, the manufacturing gauge tracked by the Dallas Fed index is only due, with expectations gyrating around -15.0 for the current month.

    EUR/USD levels to watch

    The pair is now advancing 0.23% at 1.0822 and a break above 1.0862 (20-day sma) would target 1.0983 (100-day sma) en route to 1.1059 (high Dec.15). On the flip side, the immediate support aligns at 1.0777 (post-ECB low Jan.21) followed by 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
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