EUR/USD off lows, around 1.1180 in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Having failed yet again to sustain above 1.12 handle in early Asia, the bears took over control and knocked-off the EUR/USD pair below key support near 1.1175 region.

    EUR/USD drops as risk-on seeps back

    Currently, EUR/USD trades modestly flat at 1.1180, bouncing-off session lows posted at 1.1163 last hours. The main currency pair staged a minor-reversal from near fresh six-week tops above 1.12 barrier and now dropped to fresh lows near 1.1160 region, before recovering ground as the US dollar turns negative against its major peers.

    The EUR/USD pair is expected to remain supported as the European traders hit their desks and continue to cheer no further rate cut news delivered by the ECB Chief Draghi on Thursday. Meanwhile, ahead of Europe open, focus remains on the German CPI and WPI numbers while the US import prices index will be also tracked in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1218 (three-week high). A break beyond the last, doors will open for a test of 1.1250/53 (Feb 15 High). On the flip side, the immediate support is placed at 1.1150 (psychological levels) below which at 1.1121 (1h 20-SMA) could be tested.
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