EUR/USD firmer near 1.1200 ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sentiment around EUR/USD remains on the rise on Wednesday, currently trading in highs around the upper-1.1100s.

    EUR/USD focus on US calendar

    An extension of the offered tone in the greenback remains the exclusive driver behind the pair’s abrupt upside since yesterday’s session.

    In addition, spot is deriving further support via the upbeat tone in EUR/GBP after today’s dovish tone from the BoE’s Quarterly Inflation Report and MPC minutes, which continue to hammer the sterling.

    Ahead in the session, the dollar will take centre stage in light of the release of US Initial Claims and December’s Factory Orders, followed by the speech by Fed’s E.George.

    EUR/USD levels to watch

    The pair is now advancing 0.71% at 1.1188 facing the next hurdle at 1.1200 (psychological level) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the downside, a breach of 1.1054 (200-day sma) would open the door to 1.0906 (20-day sma) and finally 1.0777 (post-ECB low Jan.21).
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