EUR/USD off highs, flirts with 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD wiped-out gains and dives deeper into the negative territory in the mid-Asian session as the US dollar is seen making minor-recovery attempts against its major peers.

    EUR/USD sold-off above hourly 20-SMA

    Currently, EUR/USD drops -0.23% at fresh session lows of 1.1296, fading the recovery near 1.1330 region. The main currency pair’s post-Yellen recovery from 1.1160 levels met fresh supply near 1.1380 levels (fresh multi-month tops), and the prices extend the retreat thereon, now flirting with 1.13 handle over the last hours.

    The major came under renewed selling pressure in the Asian trades as markets ignored the persisting risk-aversion triggered by the slump in the Japanese stocks and tracked the recovery mode seen in the US dollar across the board. The USD index now rises 0.15% to 95.77, staging solid recovery from four-month lows reached at 95.28 levels on Thursday.

    Looking ahead, markets await the German prelim GDP figures for the last quarter of 2015 ahead of the US retail sales data due later in the US session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1324/33 (1h 20-SMA/ daily high). A break beyond the last, doors will open for a test of 1.1400 (round number). On the flip side, the immediate support is placed at 1.1281/66 (5-DMA/ daily S1) below which at 1.1250/49 (psychological levels/ 1h 100-SMA) could be tested.
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