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EUR/USD offered around 1.13, European equity futures trade weak

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair is having a tough time taking out offers placed around 1.13 even though the Stoxx 50 futures are pointing to a negative opening.

    Focus on stocks and EUR/JPY cross

    The economic calendar in Europe is empty; hence the pair is at the mercy of the overall market sentiment. Risk-off activity in the stocks could put a floor under the EUR/USD pair, although upside too could be capped due to the resulting drop in the EUR/JPY pair.

    The sell-off in the EUR/JPY cross in Asia and early Europe has restricted the EUR/USD pair 1.1310 levels. As of now, the spot is trading around 1.1280 levels.

    EUR/USD Technical Levels

    The immediate support is seen at 1.1268 (hourly 50-MA), under which the spot could target 1.1216 (hourly 100-MA). On the other hand, a break above 1.1338 (Tuesday’s high) would open doors for a rise to 1.14 levels.
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