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EUR/USD hits fresh 2-week highs but falters ahead of 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD climbed to fresh 2-week highs as the dollar weakened further during the American session following a string of disappointing economic data.

    EUR/USD has risen sharply over the last sessions, underpinned by the risk aversion mood as the relief witnesses yesterday was short-lived. Later a series of soft US indicators, including retail sales and manufacturing data, gave the pair a final push to the upside.

    EUR/USD reached a peak of 1.0984, posting its highest level this year, but lost momentum ahead of the 1.1000 level. The pair is currently trading at 1.0947, recording a 0.77% gain on Friday.

    EUR/USD technical levels

    In terms of technical levels, next supports are seen at 1.0814 (50-day SMA), 1.0804/00 (Jan 13 & 8 lows/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low). On the other hand, next resistances line up at 1.1011 (100-day SMA), 1.1043 (200-day SMA) and 1.1100 (psychological level).
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