EUR/USD looks northwards as US index futures point to risk-off

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair is pointing northwards as the major equity indices in the US are pointing to a weak opening.

    Resistance at 1.0920 intact

    The spot continues its struggle to extend gains over and above 1.0920 amid signs of risk aversion in the US. At the time of writing, the S&P 500 futures were indicating the index is likely to open 13 points or 070% lower.

    Hence, the common currency remains bid in early Europe.
    The data calendar is light, thus pair is at the mercy of the overall market sentiment. Meanwhile, Fed’s George could influence the demand for the US dollars by commenting on the next move in the interest rates.

    EUR/USD Technical Levels

    The spot trades around 1.0910 after failing once again to take out 1.0920. A break above 1.0920 could see the pair test a major hurdle at 1.0940 (61.8% of Mar-Aug rally). On the other hand, a break below 1.0890 (38.2% of 1.1495-1.0517) could see the pair slide to 1.0864 (hourly 200-MA).
    For more information, read our latest forex news.

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