EUR/USD off-lows, around 1.1285 ahead of EMU data

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:
    The EUR/USD pair once again found fresh support near 1.1270 region and climbed back higher towards 1.13 handle, as markets shift their focus towards the EMU datasets.

    EUR/USD bounces-off daily S1

    Currently, EUR/USD drops -0.31% at 1.1288, retreating slightly from fresh session lows struck at 1.1265 shortly after European open. The main currency pair appears to regain ground and heads for a retest of 1.13 handle, despite the ongoing relief rally in the European stocks, as the recent upbeat German CPI and GDP data continue to lift the sentiment around the EUR.

    The German CPI rose 0.5% in January compared to the same period a year ago, confirming flash preliminary data released at the beginning of the month. While Germany’s economy kept steady pace of growth in Q4 2015 at 0.3%.

    Moreover, the greenback’s rebound is seen losing steam against its major peers, which also aids the recovery in EUR/USD from lows. Meanwhile, the immediate attention is now placed on the EMU GDP and industrial production figures, which will provide fresh incentives for the pair.

    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 1.1266/65 (daily S1 & low) below which at 1.1215/00 (daily S2/ psychological levels) could be tested.
    For more information, read our latest forex news.

Share This Page

free forex signals