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EUR/USD hit fresh daily lows but remains around 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD rose to 1.0930 but only to dropped back below 1.0900. It printed a fresh daily low at 1.0888 but then moved back toward the 1.0900 area. Currently is trading at 1.0915, around the same level it closed yesterday.

    Since the European session the pair is moving in a modest range with support at 1.0890 and resistance around 1.0920, slightly below the 20-hours moving average that stands at 1.0925/30, that recently capped the upside.

    The euro lost strength across the board during the last hours. As EUR/USD remained steady, most currencies recovered some ground against the US dollar, after stocks in the US trimmed losses. But the recovery in stocks and also in crude oil prices was losing strength. Earlier, the pair was unaffected by US economic data.

    EUR/USD levels to watch


    In the short-term, to the upside, above 1.0920/30 (20-hour MA) the euro could gain momentum and climbed toward daily highs that lie at 1.0975; then the next key level is the 1.0990 - 1.1000 zone. On the opposite direction, a consolidation under 1.0890 would expose 1.0855 (Jan 19 low) and then 1.0830/35 (Jan 05 high & Jan 14 low).
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