EUR/USD holds below 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD bottomed during the American session at 1.0845 and then bounced to the upside but lost strength below the 20-hour moving average and remained below 1.0900.

    Currently trades at 1.0880, 40 pips below Friday’s closing price and almost a hundred below daily highs. The euro failed to hold to gains against the US dollar despite a decline in US stocks. Lately risk aversion pushed the euro to the upside.

    The Dow Jones was falling 0.27% and the Nasdaq was losing 0.83%. Both indexes started the day with gains but then bounced to negative territory. Crude oil was plunging (again) with the WTI barrel at 11-year lows below $31.00.

    EUR/USD technical levels

    In the short term, resistance levels might be seen at 1.0900/10 (European session high /( 20-hour moving average), 1.0940 (Dec30, 31 & Jan 07 highs) and 1.0970 (daily high). While on the flip side, support could be located at 1.0845 (daily low) and 1.0800 (Dec 16, 17 & Jan 8 low / psychological level).
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