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EUR/USD pushes higher, 1.0900 closer

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is gathering further traction on Monday, now lifting EUR/USD to daily highs in the 1.0880/85 band.

    EUR/USD firmer ahead of US data

    The pair is extending the rebound from last week’s troughs in the 1.0800 neighbourhood, trading closer to the 1.0900 handle as the greenback keeps giving away recent gains.

    Spot will remain in the limelight ahead in the day, as the key US ISM Manufacturing is due followed by Markit’s PMI and Personal Spending/Income, all ahead of the speeches by Fed’s S.Fischer and President M.Draghi later in the NA session.

    EUR/USD levels to watch

    The pair is now advancing 0.44% at 1.0881 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1054 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
    For more information, read our latest forex news.

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