EUR/USD losing further altitude, breaks below 1.1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The European currency is now accelerating the decline vs. the dollar, relegating EUR/USD to test fresh lows in sub-1.1100 levels.

    EUR/USD weaker ahead of EU Summit, ECB

    Increasing bearish momentum is now sending the pair to trade below the 1.1100 handle, printing fresh multi-day troughs at the same time ahead of the EU Summit and the ECB Accounts.

    Spot is deriving extra selling pressure following the sharp sell off in EUR/GBP, with the British pound picking up pace on hopes of a deal at today’s summit.

    EUR/USD levels to watch

    The pair is now retreating 0.31% at 1.1096 with the immediate support at 1.1070 (20-day sma) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a breakout of 1.1220 (23.6% Fibo of December up-move) would target 1.1378 (high Feb.11) en route to 1.1460.
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