EUR/USD remains below 1.0900 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD remained little changed near daily lows following the release of a string of disappointing US data.

    Chicago PMI came in at 47.6, below the 53.0 expected while showing poor results from the employment and prices components. Meanwhile, pending home sales fell 2.5% in January, below the 0.5% increase of forecast.

    However, EUR/USD barely reacted and extended its consolidation near lows. At time of writing, the pair is trading at 1.0880, down 0.5% on the day, having scored a low of 1.0872 in recent dealings.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0814 (Feb 1 low) and 1.0777 (Jan 21 low). On the flip side, resistances could be found at 1.0975 (50-day SMA), 1.1045 (200-day SMA) and 1.1067 (Feb 26 high).
    For more information, read our latest forex news.

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