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EUR/USD holds up above February’s lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD has been under mild pressure on Wednesday and consolidates near daily lows, although it has managed to hold above February’s monthly low of 1.0814 so far.

    The pair extended losses to a fresh 1-month low at the beginning of the New York session as the greenback strengthened modestly following upbeat ADP employment report, which showed US private sector added 214K new jobs in February, above the 190K expected.

    EUR/USD bottomed out at 1.0825, marking its lowest level in a month, before recovering slightly. At time of writing, the pair is trading at 1.0845, still down 0.17% on the day.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0814 (Feb 1 low) and 1.0777 (Jan 21 low) ahead of 1.0709 (Jan 5 low). On the flip side, resistances could be found at 1.0880 (Mar 2 high), 1.0938 (100-day SMA) and 1.0973 (50-day SMA).
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