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EUR/USD hits fresh 9-day lows after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD came under mild pressure and hit fresh daily lows following the release of US producer price index and housing data.

    US producer price index rose 0.1% in January, versus a drop of 0.2% expected, while excluding volatile food and energy categories, core prices climbed 0.4% (0.1% exp). Separated data showed housing starts fell 3.8% to a seasonally adjusted annual rate of 1.099 million in January, below the 1.170M expected.

    The dollar however, benefited slightly from data and dragged EUR/USD to a marginally new low of 1.1115. At time of writing, the pair is trading at 1.1120, still % below its opening price.

    Investors attention now turns to US industrial production and capacity of utilization data ahead of the FOMC minutes that will be published during the American afternoon.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.1085 (Feb 8 low), 1.1055 (200-day SMA) and 1.0965 (100-day SMA). On the flip side, resistances could be found at 1.1210 (10-day SMA), 1.1249 (Feb 15 high) and 1.1333 (Feb 12 high).
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