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EUR/USD moves off lows and regains 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The euro came under renewed pressure on Tuesday on the back of below-expectations German IFO data and fell to a fresh 20-day low against the dollar.

    EUR/USD briefly dropped below the 1.10 mark and hit its lowest level since Feb 3 at 1.0989 before finding support and recovering slightly. At time of writing, EUR/USD was trading at 1.1010, still 0.17% below its opening price.

    From a wider view, the pair remains on a broader downward move, having fallen eight of the last nine trading days, after being rejected from a high of 1.1375 earlier this month.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0960 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low). On the other hand, resistances could be found at 1.1050 (200-day SMA), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
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