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EUR/USD in weekly lows near 1.0850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency accelerates its selling pressure today, now sending EUR/USD to test daily lows in the mid-1.0800s.

    EUR/USD attention to risk trends, US docket

    Spot has surrendered the spike to the boundaries of the 1.0900 region at the end of the Asian session today, allowing the current leg lower to the 1.0850 following a pick up in the risk-on trade and mixed readings from manufacturing PMIs in the region.

    The greenback will come to the fore later in the NA session, with the US manufacturing sector taking centre stage in light of the release of the key ISM manufacturing and the PMI tracked by Markit.

    EUR/USD levels to watch

    The pair is now losing 0.14% at 1.0864 and a break below 1.0809 (low Jan.29) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0970 (55-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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