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EUR/USD pushes higher near 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Euro-bulls are now gaining further momentum, lifting EUR/USD to fresh session highs in the proximity of 1.0950.

    EUR/USD firmer on risk-off trade

    The risk aversion has picked up further pace following a weak opening of the European equity markets today, giving the pair extra wings and pushing it to the boundaries of 1.0940, daily tops.

    Final manufacturing PMIs for the month of December are due in Europe, followed by the more relevant flash CPI in the German economy. In t he US calendar, ISM Manufacturing and Markit’s manufacturing PMI are also in the spotlight.

    EUR/USD levels to consider

    At the moment the pair is up 0.76% at 1.0944 facing the next hurdle at 1.1046 (200-day sma) followed by 1.1130 (61.8% Fibo of 1.1496-1.0538) and then 1.1158 (downtrend from 1.1713). On the other hand, a breakdown of 1.0808 (low Jul.20) would aim for 1.0753 (23.6% Fibo of 1.1496-1.0538) and finally 1.0538 (low Dec.3).
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