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EUR/USD remains subdued near 1.1280/70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD continues to navigate the lower bound of the daily range at the end of the week around the 1.1280/70 area.

    EUR/USD focus on US releases

    The upbeat sentiment in the European markets and the return of the risk-on trade to the global markets continue to weigh on the common currency today, relegating spot to extend the correction lower after hitting 1.1380 in early trade.

    Today’s releases in the euro area have done nothing to curb the offered tone around EUR, although bulls may have another chance in light of the upcoming Retail Sales release in the US economy. Further data across the pond will see the advanced Reuters/Sentiment index for the current month, expected at 92.0 (vs. January’s 92.0).

    EUR/USD levels to watch

    The pair is now retreating 0.41% at 1.1279 and a breach of 1.1055 (200-day sma) would open the door to 1.1021 (20-day sma) and finally 1.0964 (100-day sma). On the flip side, the next up barrier lines up at 1.1460 (monthly high Sep.18) ahead of 1.1496 (monthly high Oct.15) and finally 1.1713 (post-PBoC high Aug.24).
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