EUR/USD off highs, returns to 1.0860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is extending its bearish momentum in the second half of the week, now sending EUR/USD back to the 1.0860 region.

    EUR/USD focus on PMIs, US data

    The pair continues to navigate the lower bound of the recent range, hovering over multi-week lows in the 1.0830/60 band against the backdrop of choppy trade and cautiousness prior to the upcoming ECB meeting.

    Data wise in Euroland, final February’s Services PMIs are due followed by EMU’s Retail Sales. However, the centre of attention will be across the pond and on the greenback, as Initial Claims, Factory Orders and the ISM Non-manufacturing are all due as well.

    EUR/USD levels to watch

    The pair is now losing 0.04% at 1.0860 and a break below 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0925 (100-day sma) ahead of 1.1046 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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