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EUR/USD keeps the red post-Sentix, near 1.0960

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency remains on the defensive at the beginning of the week, relegating EUR/USD to trade in the lower end of the range near 1.0950.

    EUR/USD upside capped near 1.1070

    Spot barely moved after Investor Confidence tracked by the Sentix index in the euro area has come in below expectations for the current month, printing 5.5 vs. 8 forecasted and down from February’s 6.

    In the meantime, the pair continues to retrace last week’s spike to the 1.1070 area following a resurgence of the buying interest around the US dollar. Next on tap will be the Fed’s Labor Market Conditions Index followed by speeches by Brainard and Fischer.

    EUR/USD levels to watch

    The pair is now losing 0.39% at 1.0959 and a break below 1.0916 (100-day sma) would expose 1.0867 (76.4% Fibo of 1.0709-1.1379) and finally 1.0823 (low Mar.2). On the other hand, the next up barrier aligns at 1.1046 (200-day sma) ahead of 1.1054 (20-day sma) and then 1.1071 (high Feb.26).
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