EUR/USD remains under pressure as stocks rise

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD dropped to fresh daily lows at the beginning of the New York session, as near-term risk-relief weighed on the shared currency.

    EUR/USD rose to test the 1.0900 area but was rejected and has been in retreat ever since, sliding to a fresh daily low of 1.0835 as equities rally. At time of writing, the pair is trading at 1.0840, 0.16% below its opening price.

    Equities and oil have been in firmer mode, pressuring on the euro, which has shown an inverse relationship with risk in the short-term. With no major data scheduled for the American session, sentiment might continue to drive markets movement.

    EUR/USD levels to watch

    In terms of technical levels, next supports are seen at 1.0817 (50-day MA), 1.0800 (psychological level) and 1.0770 (Jan 7 low). On the other hand, resistances could be faced at 1.0900 (psychological level/intraday high), 1.0969 (Jan 11 high) and 1.1029 (100-day SMA).
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