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EUR/USD navigates session lows near 1.0970

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After climbing as high as the 1.1060/70 band on Tuesday, EUR/USD has lost momentum and has retreated to session lows in the 1.0970 region.

    EUR/USD rejected from 1.1060

    The pair has come down nearly a big figure since Tuesday’s rejection around the key 200-day sma in the mid-1.1000s. Spot lost upside bias as risk aversion ebbed during overnight trade and the greenback managed to reclaim some ground lost, prompting sellers to step in and drive euro lower.

    Absent releases in both Euroland and the US, the imminent ECB meeting (Thursday) will grab all the attention, while market bets on further stimulus by the central bank remain on the rise.

    EUR/USD levels to watch

    The pair is now losing 0.26% at 1.0976 facing the next support at 1.0913 (100-day sma) ahead of 1.0823 (low Mar.2) and then 1.0709 (2016 low Jan.5). On the upside, a breakout of 1.1045 (200-day sma) would expose 1.1101 (50% Fibo of 1.1379-1.0823) and then 1.1166 (38.2% Fibo of 1.1379-1.0823).
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