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EUR/USD gains capped near 1.0880, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD remains on a firmer footing on Thursday, coming back to the area of 1.0880 after bouncing off recent lows near 1.0820.

    EUR/USD stronger ahead of US data

    The pair manages to clinch its second consecutive advance so far after finding decent support in the vicinity of 1.0820 region on Wednesday, all against the backdrop of persistent recovery in crude oil prices and a flat performance of the greenback for the time being.

    Data wise in the region, EMU and German Services PMI have surpassed preliminary readings, while Retail Sales in the euro region have outperformed during January. On the USD-side, Initial Claims, ISM Non-manufacturing and Factory Orders will all be in the limelight later.

    EUR/USD levels to watch

    The pair is now up 0.07% at 1.0874 facing the next up barrier at 1.0925 (100-day sma) ahead of 1.1046 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move). On the flip side, a breakdown of 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5).
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