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EUR/USD remains weak, wobbles around 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency remains entrenched in the negative territory at the beginning of the week, sending EUR/USD to the 1.0900 neighbourhood.

    EUR/USD down from 1.0960

    Spot has started the week on the negative footing today, coming down from recent tops in the 1.0950/60 band to test the 1.0870 area amidst a better tone in the European markets despite another slump of the Chinese equities.

    The greenback – tracked by the US Dollar Index - keeps its upside intact vs. most of its main rivals so far, propped up by the solid prints from US Non-farm Payrolls released last Friday (292K in December).

    EUR/USD levels to watch

    The pair is retreating 0.19% at 1.0899 with the immediate support at 1.0860 (61.8% Fibo of 1.0538-1.1059) ahead of 1.0834 (55-day sma) and then 1.0538 (low Dec.3). On the other hand, a break above 1.1020 (100-day sma) would target 1.1059 (high Dec.15) en route to 1.1134 (5-month downtrend).
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