EUR/USD remains vulnerable near 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD continued to edge lower and posted fresh 2-week lows at the beginning of the New York session, with the pair barely reacting to the latest string of US data.

    The shared currency came under renewed pressure after ECB minutes supported Draghi’s hints at possible easing measures in March. A string of positive US data kept the dollar underpinned, with EUR/USD falling to a low of 1.1076 in recent dealings.

    On the data front, US initial jobless claims fell to 262K last week, below the 275K expected, while separated data showed improving conditions in the Philadelphia manufacturing sector, with the index up to -2.8 in february from -3.5 the previous month.

    EUR/USD levels to watch

    At time of writing, EUR/USD is trading at 1.1080, down 0.42% on the day, with immediate supports seen at 1.1055 (200-day SMA) and 1.0963 (100-day SMA). On the flip side, resistances could be found at 1.1178 (Feb 17 high), 1.1200 (10-day SMA) and 1.1249 (Feb 15 high).
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