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EUR/USD flirting with 1.0900 ahead of PMIs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The prevailing risk-off sentiment is supporting the bid tone around the European currency, lifting EUR/USD to test session highs in the 1.0900 neighbourhood.

    EUR/USD bid ahead of PMIs, German CPI

    While markets are slowly returning to the normal activity, the pair seems to have found buyers after bottoming out in the 1.0830 area during overnight trade, managing to retake the vicinity of the key 1.09 barrier ahead of the opening bell in Euroland.

    Ahead in the session, final figures for manufacturing PMIs in the euro bloc are due, seconded by German flash inflation figures for December. Across the pond, the always relevant ISM Manufacturing will take centre stage along with Markit’s Manufacturing PMI.

    EUR/USD levels to consider

    At the moment the pair is up 0.33% at 1.0897 facing the next hurdle at 1.1046 (200-day sma) followed by 1.1130 (61.8% Fibo of 1.1496-1.0538) and then 1.1158 (downtrend from 1.1713). On the other hand, a breakdown of 1.0808 (low Jul.20) would aim for 1.0753 (23.6% Fibo of 1.1496-1.0538) and finally 1.0538 (low Dec.3).
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