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EUR/USD makes new highs but lacks follow-through

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD gathered pace and made a marginal new high for the day as the euro benefited from the latest market’s mood swing, as stocks post fresh session lows in Wall Street.

    EUR/USD stretched to a high of 1.0883 during the American afternoon as sentiment deteriorated The pair had bounced from a daily low of 1.0804 earlier on the day, but the upside has remained limited just ahead the 20-day SMA. At time of writing, EUR/USD is trading at 1.0870, up 0.12% on the day.

    EUR/USD technical levels

    In terms of technical levels, if EUR/USD breaks above 1.0887 (20-day SMA), next resistances line up at 1.0969 (Jan 11 high) and 1.1021 (100-day SMA). On the other hand, supports are seen at 1.0804/00 (Jan 13 low/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low).
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