EUR/USD looks for motivation near 1.0820

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The common currency is trading on a softer tone vs. its American peer on Wednesday, taking EUR/USD to the area of 1.0830/20 so far.

    EUR/USD lower on China

    Spot is retreating for the third consecutive session after being rejected from recent tops in the area of 1.0960 at the beginning of the week. The euro is suffering the better tone in the risk appetite today following the positive results from Chinese trade figures during December despite another drop of equities.

    On the data front, EMU’s Industrial Production for the month of November is due later followed by the ECB’s Non-monetary policy meeting. Across the pond, speeches by Rosengren and Evans plus the publication of the Fed’s Beige Book will take centre stage.

    EUR/USD levels to watch

    The pair is losing 0.25% at 1.0826 and a breakdown of 1.0798 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3). On the flip side, the next up barrier lines up at 1.0886 (20-day sma) followed by 1.1013 (100-day sma) ahead of 1.1059 (high Dec.15) and finally 1.1126 (5-month downtrend).
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