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EUR/USD offered at key Fibo resistance

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair was offered again as it neared 1.0940 (61.8% of Mar to Aug rally) for the second time in the last 24 hours making it a strong resistance level that bulls may look to breach today.

    Stays above 1.09

    The currency pair stays above 1.09 levels as the oil-driven risk-off remained intact in Asia. Oil prices re trading weak as well, hence, the odds of a weak opening of the European stocks are high. Still, the common currency appears to have run out of steam after two-day rally.

    The EUR traders would also keep an eye on the services PMI figures due for release across the Eurozone. Ahead in the day, the US monthly ADP employment report could also influence the pair.

    EUR/USD Technical Levels

    The pair is currently trading around 1.0920. The immediate resistance is seen at 1.0940 (61.8% of Mar to Aug rally), above which the pair could target 1.0966 (100-DMA), which if taken out shall see the pair test 1.10 levels. On the other hand, a break below 1.0890 (38.2% of 1.1495-1.0517) could send the pair lower to 1.0877 (10-DMA), under which the 50-DMA at 1.0854 stands exposed.
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