EUR/USD remains pressured near 1.0830, EMU data eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The shared currency keeps losses against its American counterpart heading into early Europe, with EUR/USD oscillating in a narrow range near 1.0830 region.

    EUR/USD holds well above Friday’s high

    Currently, the EUR/USD pair trades -0.29% lower at 1.0830, keeping range near the hourly 50-SMA at 1.0827. The main currency pair is seen consolidating the downside over the last few hours and awaits fresh impetus from the European open and the EMU industrial production figures for further momentum.

    Industrial production in the euro zone is expected to show a 0.2% drop m/m in November, following 0.6% growth reported in October, while growing 1.7% y/y, compared to a 1.9% gain recorded in Oct.

    During the Asian hours, EUR/USD was heavily sold-off as risk-on moods returned to markets along with the rebounding Asian stocks. While upbeat China trade numbers added to the optimism and weighed further on the safe-haven status of the EUR.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0848/55 (1h 200-SMA/ 10-DMA) A break beyond the last, doors will open for a test of 1.0893/1.0900 (20-DMA/ round number). On the flip side, the immediate support is placed at 1.0801/00 (Jan 8 Low/ psychological levels), below which 1.0770 (daily S2) could be tested.
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