EUR/USD losing further altitude, 1.0950 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency has quickly lost the grip following US data, prompting EUR/USD to intensify the decline towards the mid-1.0900s, recent lows.

    EUR/USD weaker on upbeat US GDP

    The pair has lost over a big-figure since overnight tops around 1.1070, as risk appetite trends, disappointing EMU/German data and auspicious US GDP figures during Q4 are weighing on sentiment.

    Spot is now trading closer to Wednesday’s 3-week lows in the 1.0950 area while traders get ready for the second batch of US data: Personal Income/Spending, inflation figures tracked by the PCE and the Reuters/Michigan index.

    EUR/USD levels to watch

    The pair is now losing 0.47% at 1.0972 and a break below 1.0955 (low Feb.24) would expose 1.0867 (76.4% Fibo of December up-move) and finally 1.0709 (2016 low Jan.5). On the other hand, the immediate hurdle aligns at 1.1120 (20-day sma) ahead of 1.1220 (23.6% Fibo of December up-move) and then 1.1379 (2016 high Feb.11).
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