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EUR/USD firmer, tests highs near 1.09

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is now picking up pace vs. the greenback, taking EUR/USD to the 1.0890 area, or session peaks.

    EUR/USD looks to risk-trends for direction

    The offered tone around the US dollar plus the prevailing risk-off conditions in the global markets is now prompting the pair to trade on a firmer tone and closer to the 1.0900 handle ahead of the opening bell in London.

    Spot keeps navigating the 1.08-1.10 range in response to the lack of a significant catalyst, although the current risk aversion environment might help the European currency to test the 1.10 neighbourhood in the not-so-far future.

    EUR/USD levels to watch

    The pair is advancing 0.34% at 1.0889 facing the next hurdle at 1.1015 (100-day sma) ahead of 1.1059 (high Dec.15) and finally 1.1132 (5-month downtrend). On the other hand, a breakdown of 1.0860 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3).
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