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EUR/USD parked around 1.1160, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency is wobbling between the positive and the negative ground today, with EUR/USD hovering over the 1.1165/60 area ahead of the NA open.

    EUR/USD upside capped near 1.1200

    The pair has gathered further traction after the earlier meeting between oil ministers in Doha has disappointed market expectations, triggering a fresh wave of risk aversion that pushed the euro to the boundaries of the 1.1200 handle.

    The up-move has proved to be short-lived however, as spot quickly returned to the current 1.1160 zone.

    Data wise, mixed ZEW Survey figures in Germany and the euro area failed to ignite any reaction in the markets, more concerned over crude oil dynamics.

    Across the pond, the Empire State index is due, followed by the NAHB index and TIC Flows.

    EUR/USD levels to watch

    The pair is now up 0.08% at 1.1162 with the next hurdle at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15). On the flip side, a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma).
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