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EUR/USD remains close to 1.08 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency keeps the negative tone vs. the US dollar today, with EUR/USD hovering over 1.0820/15 band.

    EUR/USD ignores EMU data

    Spot has paid little attention to the Industrial Production figures in the euro area, coming in short of expectations during November. In fact, Industrial Production has contracted 0.7% on a monthly basis, reverting October’s 0.8% advance, and it has expanded at an annual pace of 1.1%, lower than the 2.0% previous.

    In the meantime, the upside momentum remains intact around the greenback, keeping the pair under increasing selling pressure.

    EUR/USD levels to watch

    The pair is losing 0.33% at 1.0818 and a breakdown of 1.0798 (61.8% Fibo of 1.0538-1.1059) would aim for 1.0709 (low Jan.5) and then 1.0538 (low Dec.3). On the flip side, the next up barrier lines up at 1.0886 (20-day sma) followed by 1.1013 (100-day sma) ahead of 1.1059 (high Dec.15) and finally 1.1126 (5-month downtrend).
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