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EUR/USD off lows post-European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has managed to bounce off session lows in the 1.0860 area vs. the greenback, now sending EUR/USD to test the 1.0870/75 band.

    EUR/USD capped near 1.0900

    The pair has surrendered overnight gains to the vicinity of 1.0900 the figure despite the initial softer tone in European equities and another important drop in the Shanghai index (down almost 4%).

    EUR has seen its demand abruptly renewed during yesterday’s session in the wake of the ECB minutes, showing that many members of the Council still remain sceltical regarding the implementation of further easing in the region.

    EUR/USD levels to watch

    The pair is up 0.01% at 1.0866 with the next resistance at 1.0969 (high Jan.11) followed by 1.1010 (100-day sma) ahead of 1.1059 (high Dec.15). On the downside,
    a breakdown of 1.0798 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3).
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