EUR/USD hits new session highs amid risk-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair found some support near 1.0920 region and swung back into the recovery mode, now wavering near fresh session highs.

    EUR/USD bounces-off more than 3-week lows

    Currently, EUR/USD trades modestly flat at 1.0935, hovering close to fresh session highs reached at 1.0939 last minutes. The main currency pair regained momentum and made another recovery attempt as a renewed risk-aversion wave gripped the Asian markets and boosted the safe-haven bids for the euro.

    Further, the sudden buying interest around the EUR/USD pair can be also attributed the broad based US dollar retreat, as markets resort to profit-taking after the recent upbeat US fundamentals-backed greenback rally. Meanwhile, the US dollar index drops -0.13% to 98 levels.

    Markets now await the German retail sales and import prices data for fresh incentives on the major ahead of the US pending home sales and Chicago PMI due later in the NY session. While the US NFP data is expected to remain the key risk event for the pair this week.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.0950/64 (1h 20-SMA/ 5-DMA). A break beyond the last, doors will open for a test of 1.0987/1.0998 (50-DMA/ 1h-50-SMA). On the flip side, the immediate support is placed at 1.0897 (100-DMA) below which at 1.0867 (Jan 28 Low) could be tested.
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