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EUR/USD makes fresh daily low, finds support at 200-hour SMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD came under mild pressure and made fresh lows for the day in a quiet session as US markets remain closed due to the Martin Luther King’s Day.

    After spending most of the day oscillating within 1.0875 and 1.0910, EUR/USD faced some selling pressure and slid through the 100-hour SMA to a fresh daily low of 1.0868, before finding support at the 200-hour SMA and bouncing slightly. At time of writing, the pair is trading at 1.0885, still down 0.30% on the day.

    In the absence of first-tier data, focus remains on China ahead of the release of GDP and retail figures during next Asian session. In the Eurozone, CPI figures will be published on Tuesday ahead of the ECB decision on Thursday. In the US, consumer inflation numbers will be released on Wednesday.

    EUR/USD technical levels

    In terms of technical levels, next supports are seen at 1.0868 (Jan 18 low/200-hour SMA), 1.0813 (50-day SMA), 1.0804/00 (Jan 13 & 8 lows/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low). On the other hand, next resistances line up at 1.0984 (Jan 15 high), 1.1008 (100-day SMA), 1.1043 (200-day SMA) and 1.1100 (psychological level).
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